It’s been a while but there was a time when Apple’s stock took a massive hit thanks to an unexpected quarterly loss. Luke Dormehl remembers the time:
December 6, 2000: Apple’s stock price falls after the company posts its first quarterly loss since Steve Jobs’ return to Cupertino in 1997.
Shares tumble $3 to just $14 a share as doom-predicting pundits worry that the big Apple comeback might come screeching to a halt.
I wish I’d bought AAPL at $14. What did Steve Jobs have to say?
The swift industry-wide decline in PC sales will result in Apple’s first non-profitable quarter in three years. We’re not happy about it, and plan to return to sustained profitability next quarter. We are committed to reducing our channel inventories to normal levels by the end of this quarter, and remain very excited about the new products and programs Apple will be rolling out in 2001
Apple has been mostly a cash machine since.