Apple’s market value fell below $2 trillion in Tuesday’s trading for the first time since the start of 2021 and a year after the company became the first publicly traded tech company valued at $3 trillion.
Apple shares fell more than 4% in midday trading on Tuesday after a report raised concerns about consumer demand for its products. The Nikkei reported that Apple recently notified several suppliers to make fewer parts for some of its most popular devices in the first quarter, including AirPods, Apple Watch and MacBooks.
Apple did not immediately respond to a request for comment.
Like other tech companies, Apple struggles with supply chain hiccups and fears that recession fears could weigh on advertiser and consumer spending, including for more expensive products like the iPhone.
Ahead of the key holiday shopping period, Apple said it was experiencing “strong demand” for the iPhone 14 Pro and iPhone 14 Pro Max models, but expected smaller-than-expected shipments due to Covid-related disruptions at a supplier in China. . (Now, these operations are said to be running at nearly full capacity.)
While Apple’s market value has dropped considerably, other major tech companies have seen steeper percentage drops. Shares in Amazon and Meta, Facebook’s parent, have fallen about 50% and 63%, respectively, over the past year. Apple, by comparison, is down about 31% over the same period.
Still, Apple now joins Amazon in an exclusive club that no one wants to be a part of: companies that have lost $1 trillion in market value.
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
