Shares in Apple Inc are set to open down 3 per cent on Wednesday as the company's plan to return $100 billion in capital failed to appease shareholders shaken by the iPhone maker's first quarterly drop in profit in a decade.
A soft outlook from Apple for the current quarter prompted at least 17 brokerages to slash their price targets on the iPhone maker's shares by up to $180 per share. (Read full story)
Apple forecast revenue of $33.5 billion to $35.5 billion this quarter, lagging Wall Street's average expectations of $38.2 billion.
Apple shares traded at $393.67 premarket.
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