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If you look at this from the Fundamental Analysis Perspective, then definitely such a selloff is not justified. But as we all know that prices gets influenced more by sentiment rather then fundamental aspects.
Stock price could keep on rising even if there is zero profit and it could move down even when company declares good profit. Such things keep on happening in the stock market, again and again with so many stocks. Although when such thing happens with a stock like Apple, then the money figures that are involved are bound to be staggering.