Today in business: 5 things you need to know

Apple shares fall sharply, jobless claims drop to a five-year low, and more in our roundup of the business stories that are making news and driving opinion

Despite record sales, Apple's investors are worried the company can't keep it up in the longterm.
(Image credit: Spencer Platt/Getty Images)

1. APPLE STOCK PLUMMETS

Apple's stock dropped by 11 percent in early trading Thursday after the company released its quarterly results, even though the company's $13.1 billion in net profit beat Wall Street estimates. Apple sold a record number of iPhones (47.8 million) and iPads (22.9 million). Investors, however, are worried that Apple looks like it won't be able to sustain its meteoric growth as it faces rising competition from Samsung, Google, and other rivals, and as it experiments with cheaper devices that will offer smaller profit margins. [New York Times]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.