Apple shares hit 12-month low

AP, The West Australian March 5, 2013, 6:41 am

The West Australian ©

Apple shares hit their lowest level in more than a year overnight, continuing a decline hastened by the company's last quarterly earnings report.

Apple stock touched as low as $419 Monday - its weakest point since January 2012 - before closing down 2.4 percent at $420.05.

The Cupertino, California, company's January 23 report signalled that its fast growth phase, rare for a company of its size, may be coming to an end.

Apple's stock price peaked in September at $705.07 on the day the iPhone 5 was released. With Monday's close, the stock has dropped 40 per cent from the record high.

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