Apple stock slides nearly 2 percent despite Tim Cook's mea culpa
Apple asked customers to forgive them for their bug-riddled iOS 6 Maps on Friday, but Wall Street wasn't quite ready to forget.
Shares of the technology titan slid nearly 2 percent in late afternoon trading to $667.58, despite CEO Tim Cook's 200-word apology note on Apple's website. Apple's stock opened after the company's mea culpa hit the web, but it was down from its previous close and has yet to fully rebound during Friday's trading.
In the note, Cook owned up to customer gripes that the application gave false directions and used a 3D flyover feature that made streets and buildings look distorted.
The issue started when Apple replaced Google Maps with its own mapping device on the new iOS 6. Though sales have been brisk, the reviews of iOS 6 Maps have been savage, forcing Apple to move quickly to quell a public relations debacle by promising to work out the kinks in the system.
Some analysts seemed willing to give Apple the benefit of the doubt.
For instance, Ben Reitzes of Barclays Capital, said that Apple had a track record of fixing problems in its iPhones such as early editions of MobileMe.
“We think precedent will continue with Maps,” Reitzes wrote. “We believe Apple will improve the maps application with a fleet of new engineers with prior experience. We would also point out, however, that Apple’s app does have a few advantages such as voice activated turn-by-turn navigation and Fly Over, a really neat new feature.”