Apple loses $57 bn in market value as its stock plunges

After halting stock trading yesterday to announce a revenue projection reduction of about $9 billion, Apple stock opened on Thursday at $144. It was around a $14 drop from its already plummeting price when the markets closed on Wednesday...


After halting stock trading yesterday to announce a revenue projection reduction of about $9 billion, Apple stock opened on Thursday at $144. It was around a $14 drop from its already plummeting price when the markets closed on Wednesday.

Now, Apple stock is at its lowest price in about a year and a half. Its current stock price knocks the iPhone-maker down to the fourth most valuable company behind Microsoft, Amazon and Google.

The Cupertino, Calif.-based tech giant’s market value now sits at about $57 billion less than it did before CEO Tim Cook’s letter to investors yesterday.

Cook’s letter placed the blame for Apple’s lowered projections on a number of factors such as fewer than expected iPhone sales, trade wars with China, and even its own iPhone battery replacement program.

Apple’s negative forecasts didn’t occur in a bubble either. As Business Insider points out, Apple suppliers were also hit hard by the company’s news. AMS, the Austrian company that manufactures the iPhone X’s facial recognition sensors took the brunt of the domino effect, having lost about 20 percent of its market cap.

Since becoming the first trillion dollar company last year, Apple has experienced a continuous slide downward in market value. The company has lost around $450 billion since hitting its peak of $1.1 trillion. According to CNBC, Apple looks to be headed for its biggest single day loss in six years.

Source: mashable.com



Related Posts

Twitter tests status updates and other features

Google will remind you of links you last visited next time you search

Self-driving cars are losing their novelty factor

Samsung adds rival Apple’s iTunes to TVs

Samsung takes £4.4bn hit to profits from Note 7 fallout

Google Assistant hits 1 bn devices

Microsoft's HoloLens is going global

Samsung permanently stops Galaxy Note 7 production

Leave a reply
your email address will not be published

Featured Posts

Chelsea reject Barca's Willian-Malcom swap offer


NAM1's actions "very insulting" – Clinton


GHS2bn GAT: Addison lied – Adongo


Becca deletes photos of NAM 1 from Instagram page


Twitter tests status updates and other features


GES revises syllabi of basic, SHSs


La: Accra-West Rotary Club organises dental screening for residents


NAM1's actions "very insulting" – Clinton


Becca deletes photos of NAM 1 from Instagram page


Twitter tests status updates and other features


La: Accra-West Rotary Club organises dental screening for residents


Twitter tests status updates and other features


GES revises syllabi of basic, SHSs


GES revises syllabi of basic, SHSs