Apple is no longer a $1 trillion company

Apple, the first ever U.S. company to be valued at $1 trillion, is no longer worth $1 trillion.

News of Apple’s demotion — now once again slumming it as one of the companies worth only hundreds of billions of dollars — came as the result of a domino effect of negative press for the company. Already feeling market pressure after announcing a change to how the company was going to report quarterly sales, a new report delivering bad news related to the latest iPhone has extended those woes.

After a report in Nikkei Asian Review, a large financial publication out of Japan, claimed demand for the new iPhone XR was lower than expected, Apple’s suppliers in Asia have taken a hit in the stock market as well. The stock prices of Foxconn, Pegatron, Largan Precision, Flexium Interconnect, and AAC Technologies all declined in the wake of the news, which said Apple has supposedly halted additional production lines of its latest iPhone model.

In addition, Apple announced on Thursday in its quarterly earnings call that it would no longer reveal how many devices it sells each quarter. While Apple’s reasoning was that the “services” it sells to current Apple customers are a more accurate assessment of how the company’s doing, the lack of transparency surrounding units sold irked parts of the financial sector, and some saw it as an indication that sales were going to be flat or declining for the foreseeable future.

These stumbles over the past few days have taken a toll on the Cupertino-based tech giant. According to MarketWatch, Apple went through its worst two-day stretch on the stock market in nearly six years. 

With the holiday season now upon us, Apple will surely have an opportunity to redeem itself and quell market concerns over how its new iPhones are selling. The company has just released a slew of new products — from new iPad Pros and a new MacBook Air to the new Apple Watch Series 4. On top of that, even though sales numbers are down, Apple revenue is up. That’s partially due to the company raising prices on its products. So, while Apple may be down for the time being, there’s a very good chance Apple will regain its trillion-dollar status.