When it comes to the largest company in the world, it is not unusual to see incredibly high numbers. But Apple Inc.’s are not what investors would like to see.
Since it became the first American company to exceed $ 2 trillion in market value in August and after its peak last month, the iPhone maker has lost $ 450 billion, which was wiped out by a 19% drop. The most recent sales attack alone (a 5.6% drop on Friday) wiped out more than $ 120 billion. Apple is now worth $ 1.85 trillion and remains America’s most valuable company, but the amount removed from its ledger since its September peak exceeds the entire market capitalization of Visa Inc., the seventh largest member of the S&P 500, and also the value of the Thai stock exchange.
The reduction comes after an iPhone sales report that fell short of analysts’ estimates and did not provide forecasts for the holiday quarter. IPhone’s fourth-quarter tax revenue was $ 26.4 billion, compared with expectations of $ 27.1 billion.
The Nasdaq 100 index fell 2.6% on Friday and had its worst week since the coronavirus-induced selloff in March. Disappointing sales forecasts from tech companies like Apple, Twitter Inc. and Facebook Inc. are raising concerns about further growth potential in the names that led this year’s rally.