Apple sees $111 billion in market value erased on disappointing 4th quarter iPhone sales and lack of forward guidance

Apple sees $111 billion in market value erased on disappointing 4th quarter iPhone sales and lack of forward guidance

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Apple shares fell as much as 4% in early Friday trading after the tech giant's fiscal fourth-quarter figures failed to meet analysts' expectations.The company beat estimates for overall revenue and profit, but iPhone sales landed below hopes.Apple's updated phone lineup was released roughly one month later than usual, ensuring that sales of the new models will first materialize in its current-quarter report.The company stopped short of providing forward guidance for the third consecutive quarter. While finance chief Luca Maestri praised new phone sales as "off to a great start," the lack of official guidance rankled investors.Watch Apple trade live here.

Apple sank as much as 4% in early Friday trading after the company's fiscal fourth-quarter report fell just short of analyst expectations.

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