Shares of Apple Inc. (NASDAQ: AAPL) lost $6.47 (4.2%) over the course of the week, but not for lack of trying. Also most of this loss came in Friday’s session. Despite this loss, the iPhone giant remains the best-performing stock by a wide margin among the 30 equities that comprise the Dow Jones Industrial Average (DJIA). The company’s stock is up 28.6% year to date, beating second-place McDonald’s at 24.5%.
The company’s market cap at Friday’s close was $776.75 billion, a loss of nearly $36 billion for the week.
The loss that we saw Friday was devastating but it was not specific to Apple. Amazon, Alphabet, and Microsoft each saw similar losses. Some may point to political causes coming to a head and creating uncertainty, such as the Comey interview on Thursday or the British elections from earlier in the week.
But like we said, this isn’t for lack of trying. This week Apple had its annual Worldwide Developers Conference (WWDC) in San Francisco, which showcases its new software and tech for software developers. CEO Tim Cook took this opportunity to announce new features for Apple’s existing products, including a set of tools for augmented reality and a new home digital assistant.
In advance of the WWDC, the company announced that it has paid out over $70 billion to apps developers since the App Store opened in 2008. Based on last year’s report that Apple had paid out $50 billion, app developers earned $20 billion from the company last year.
Apple doesn’t do to badly from app sales either. The company takes a 30% cut on most sales but offers some subscription programs a lower rate of 15%. In fact, recent earnings reports have demonstrated that Apple is building up its services (App Store, iTunes) revenues and that this segment could be a viable and sustainable source of revenue going forward.
Practically all the analyst calls issued this week were positive on the stock as well. Although Deutsche Bank did take a stance against the consensus with a Hold rating and a $130 price target.
Apple shares closed Friday at $148.98, with a consensus analyst price target of $157.36 and a 52-week trading range of $91.50 to $156.65.