The firm yesterday released strong earnings figures but investors were caught off guard today by a bombshell announcement about major changes to its quarterly reports.
Apple stock opened at $209.55 per share today before rallying to $213.65 but then plummeting to $206.68.
The 6.8 percent drop pulled the company’s value below the historic $1 trillion mark.
The tech firm today revealed that as of December, its quarterly earnings reports will not include detailed breakdowns on sales figures or average selling prices for its three biggest products: the iPhone, Mac and iPad.
Announcing the change, Apple CFO Luca Maestri said the number of units sold is “less relevant today” and does not necessarily provide the full picture of how well a product is performing.
He added Apple’s competition does not release unit sales figures either.
But Wall Street analysts have warned the sudden change to the company’s reporting structure may spook some investors into thinking Apple “has something to hide”, CNBC reports.
Timothy O’Shea, analyst for investment bank Jefferies, told clients in a note: “Apple will stop disclosing unit sales figures next quarter, fuelling fears the company has something to hide.
“But Apple will disclose Services gross margin for the first time ever, a potential catalyst for the stock.”
Another analyst described the “jaw-dropping” change as a “tough pill to swallow”, according to CNBC.
The sudden slump in Apple’s stock price contributed to a 1.2 percent drop in the tech-heavy Nasdaq after three consecutive days of gains.