Shares in Apple (NASDAQ: AAPL) plummeted today after the firm's boss Steve Jobs admitted there are no new products on the horizon.
In a statement issued to the NASDAQ exchange in New York, Jobs confirmed that the firm's current range of smart phones, music devices, tablets and desktop computers will remain unchanged and unexpanded for the foreseeable future.
"Trading conditions are constant with worldwide consumption of existing products maintaining market expectations." The statement started. However, it was further into the document, a requirement under SEC rules, that caused the market wobble.
"Due to the current sabbatical taken by our founder and innovations driver, there are no new products expected to be launched within the next 24 months of trading. Whilst that may alarm analysts, we are confident that the hiatus in developments will be rectified after 2013."
And the alarm the statement was designed to allay was very real.
"This is not what we wanted to hear from one of the world's most respected and smuggest companies." Arnie Rorshack, Technologies broker at AML Sanford Tickner said.
"The market wanted to hear developments that would take the world by storm. Instead we heard that Apple is happy with it's stable of commodities that haven't been expanded on since the launch of the iPad. We're hugely disappointed."
Shares dipped by $8 in trading, wiping 2percent of the firm's value.
However, there was some good news in the statement that is expected to mean that the dip in the stock price will only be temporary.
"We are confident the current climate of paranoia and one-up-man-ship will continue to drive sales in line with expectations. After all, with adverts constantly reminding those who have not bought into the Apple brand that they are effectively second-class citizens, we expect sales to continue increasing."