Apple has been having a rough few days.
Last Tuesday, it reported a fall in quarterly sales for the first time in 13 years. And though investors had been expecting poor results, they’ve apparently been having a tough time digesting these. As a result, Apple’s stock did something today that it hasn’t done since 1998: It closed down from the previous trading day’s price for an eighth consecutive day, at $93.64.
The last time Apple’s stock slid for eight days in a row was July 1998, according to CNBC. That was about a year after the return of founder Steve Jobs, who was still in the process of cutting projects and reshaping the company into the consumer electronics powerhouse it became in the 2000s.
Last week, Apple announced its first ever year-over-year decline in quarterly iPhone sales, and first drop in quarterly revenue since 2003. The company cited a weakness in sales in China—its second-largest market—as one of the main reasons its iPhone sales were down. And while the smartphone makes up the vast majority of Apple’s quarterly revenues, some have also wondered what else the company has up its sleeve, as sales from its Mac computers and iPad tablets were also down on the quarter. On top of that, the company has still not disclosed how many Apple Watches have sold since launching last year, but the device probably hasn’t made as much of a splash as Apple would’ve liked.
Of course, Apple recovered quite spectacularly after that last slide in 1998, and, perhaps, as Jobs always liked to say at product announcements, the company has just one more thing that it wants to show off.