Apple Inc. shares fell the most in more than a year amid concerns that Nokia Oyj will get a leg up in China and that the iPad may lose market share.
Apple was down 4.3 per cent to $US553.33 as of 11:46 a.m. in New York, after falling as much as 5.3 per cent, the most since Oct. 19, 2011. The stock has advanced 42 per cent so far this year before today.
China Mobile Ltd., China's largest wireless carrier, agreed to carry the Lumia 920T, a device based on Microsoft Corp.'s Windows Phone 8 software, the companies said in a statement today. While Apple has agreements with China Telecom Corp. and China Unicom (Hong Kong) Ltd. to sell iPhones, the Cupertino, California-based company hasn't yet forged a deal with China Mobile in the world's largest mobile-phone market.
"Nokia announced that they are launching one of their Lumia phones with China Mobile, and there was some hope that Apple would launch their iPhone on that network," Gus Papageorgiou, an analyst with Scotia Capital Inc. in Toronto, said in an interview. "I think they still will, but they'll probably launch closer to Chinese New Year."
China's 2013 lunar new year begins Feb. 10.
Global tablet sales will more than double to 282.7 million units in four years as consumers increasingly shun personal computers, researcher IDC said in a report today. As more competitors crowd the market, Apple will lose share to devices using Google's software this year, IDC said. Apple's share will slip to 53.8 per cent this year from 56.3 per cent in 2011, while Google's portion will advance to 42.7 per cent from 39.8 per cent.
Apple's tablet share will slip below 50 per cent by 2016, IDC said.