Connect with us

Technology

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

Published

6 years ago

on

Apple is on track for its biggest single day loss in 6 years.
Apple is on track for its biggest single day loss in 6 years.

Image: THOMAS TRUTSCHEL/PHOTOTHEK VIA GETTY IMAGES

2018%2f06%2f26%2fc2%2f20182f062f252f5a2fphoto.d9abc.b1c04By Matt Binder2019-01-03 16:09:42 UTC

After 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 yesterday. 

Cook’s letter placed the blame for Apple’s lowered projections on a 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 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 last year, Apple has experienced a downward in market value. The company has lost around $450 billion since hitting its peak of $1.1 trillion. According to , Apple looks to be headed for its biggest single day loss in six years.

Https%3a%2f%2fblueprint api production.s3.amazonaws.com%2fuploads%2fvideo uploaders%2fdistribution thumb%2fimage%2f86886%2f67805841 edcd 4b42 ac4e 1c8111c429eb

!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1453039084979896’);
if (window._geo == ‘GB’) {
fbq(‘init’, ‘322220058389212’);
}

if (window.mashKit) {
mashKit.gdpr.trackerFactory(function() {
fbq(‘track’, “PageView”);
}).render();
}

Related Topics:
Continue Reading
Advertisement Find your dream job

Trending