DISAPPOINTING OUTLOOK. Apple shares plunged on January 24, 2013 as markets reacted to a disappointing outlook from the US tech giant despite its record quarterly profits. This file photo of 5th avenue Apple store is from AFP

Apple took a fresh bruising on January 24 after a gloomy forecast accompanying its record quarterly profits prompted pessimism over the tech giant's slowing growth trajectory. Apple shares slid 9.9% to $462.96 in early trade, extending the decline from record highs above $700 last year. Apple has said it made a profit of $13.l billion on revenue of $54.5 billion in the fiscal quarter that ended on December 29 as sales of iPhones and iPads set quarterly highs. Despite this, investors soured on Apple after it forecast that its revenue for the current quarter would range from $41 to $43 billion and it would have a gross margin of 37.5 to 39.5%.

Read the full story on Rappler