Apple shares fall on weak demand

Apple shares have fallen by 3.5 percent, finishing the day at 501 US dollars and 75 cents, due to weakened demand for the iPhone 5.

But it could have been worse. Earlier, the stock dipped below 500 US dollars a share. Apple’s stock has not closed below 500 US dollars a share in nearly a year. The price has been falling since September, when euphoria over the iPhone 5 debut pushed shares to an all-time high.

The recent sell-off follows reports that Apple has cut orders for certain components of the latest version of its popular smartphone.

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