Apple's earnings will slump to $30 per share

Shares in Apple, the US consumer technology giant, have fallen over 8% since the company's first quarter trading statement disappointed investors in January.

Pressure from hedge fund manager David Einhorn on Apple's board to hand back some of the company's enormous cash pile to investors has helped the shares revive recently, but has added to the corporate uncertainty.

Meanwhile debate rages as to whether Apple's earnings will fall as competitors bite into its high margins. Fans of the company, such as Katy Huberty of CNN Money, say it's foolish to suggest a company with its impressive record of innovation like Apple could be on a downward path.

Walter Price, co-fund manager of the RCM Technology Trust , begs to differ. Price has slashed his holding in Apple from 8% of his fund to just 1% in recent months.

In this video interview he explains why Apple's earnings can't possibly maintain the 2012 level of $44 per share let alone grow to $50 or $60 as some might hope. He argues the company has lost the smart phone war to Samsung and Google.

Price also explains why he expects Amazon and Google will replace Apple as the two mega tech stocks in the US.