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Apple’s stock tumbles amidst demand concerns and legal settlement over gift card scams

Highlights

  • Apple's stock falls sharply due to concerns over weak device demand.

  • Barclays downgrades Apple, citing sluggish iPhone and Mac sales.

  • Apple settles lawsuit over gift card scams, accused of retaining stolen funds.

In a turn of events highlighting both market and legal challenges, Apple Inc. faces significant hurdles. The tech giant’s stock plummeted following a downgrade by Barclays over demand concerns, while simultaneously, it agreed to settle a lawsuit accusing the company of profiting from gift card scams.

Market Jitters Over Apple’s Future

Apple’s shares experienced a steep decline, hitting a seven-week low after Barclays downgraded the stock amid worries about the weak demand for its key products, including iPhones and Macs.

The downgrade has added to the bearish sentiment surrounding the world’s most valuable company, causing its market capitalization to drop by over $100 billion. Analysts express particular concern about the lukewarm reception of the iPhone 15 and projections for the iPhone 16, alongside competitive pressures from rivals like Huawei in China.

Gift Card Scam Settlement Adds to Woes

Amidst these market challenges, Apple has agreed to settle a lawsuit alleging that the company knowingly allowed scammers to exploit its gift cards, subsequently keeping a portion of the stolen funds.

The settlement, which is pending formal approval, addresses accusations that Apple deposited only 70% of the stolen funds into fraudsters’ accounts, retaining a 30% ‘commission.’ This lawsuit, covering victims from 2015 to 2020, sheds light on the darker aspects of digital commerce and the responsibilities of corporations in preventing fraud.

Apple’s Balancing Act

These developments paint a complex picture for Apple. On one hand, the company grapples with slowing demand in a competitive market, impacting investor confidence. On the other, it faces legal scrutiny over its role in a gift card scam, challenging its ethical practices. As Apple navigates these challenges, its strategies in both market positioning and legal matters will be critical in determining its future trajectory in the tech industry.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial, tax, or investment advice. It is always recommended to consult with a qualified financial advisor before making any investment decisions. The author and newslinker.co are not responsible for any actions taken based on the information provided in this article. Past performance is not indicative of future results. Investing involves risks, including the potential loss of principal. Always do your own due diligence before making any investment or financial decisions.
Bilgesu Erdem
Bilgesu Erdem
Bilgesu graduated from Ankara University, Faculty of Communication, Department of Radio, Television and Cinema. After working as a reporter for various television channels and a newspaper, Bilgesu is currently working as a content editor at Newslinker. She loves technology and animals.

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