Apple had $137.1 billion in cash and investments at the end of December and has faced pressure from investors including hedge fund manager David Einhorn to return more to shareholders.
The company's profit margins have been squeezed by higher component costs and the introduction of lower-priced products such as the iPad mini. Apple probably sold 35.4 million iPhones in the latest quarter, compared with 35.1 million a year earlier, according to estimates compiled by Bloomberg. Bernstein's Sacconaghi predicts 25 million units will be sold in the current quarter.
The slide comes as Samsung started selling its Galaxy S4 smartphone from last month. The company, based in Suwon, South Korea, is Apple's biggest rival and has challenged the iPhone's dominance by selling a slew of handsets with different styles, screen sizes and prices.
"Things have changed for Apple," said Alex Gauna, an analyst at JMP Securities in SanFrancisco. "The competition is more intense."
Not all analysts predict that Apple will report a downbeat quarter. Mark Moskowitz, an analyst at JPMorgan Chase & Co, said shares are sliding because Apple hasn't built the typical anticipation for new devices after overhauling almost its entire product line late last year.
About the broadcaster:
Lance Crayon is a videographer and editor with China Daily. Since living in Beijing he has worked for China Radio International (CRI) and Global Times. Before moving to China he worked in the film industry in Los Angeles as a talent agent and producer. He has a B.A. in English from the University of Texas at Arlington.
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