This week, Apple’s market value dipped by about $1 trillion, implying that it has fallen below the zenith it attained in 2022. The plunge is the culmination of several efforts over the course of the year.
Some examples include a drop in Apple product supply chains, a significant consumer shift away from the pandemic era, and regulatory fines. There is also recession and cost-cutting by advertisers.
Apple shares fell more than 4 per cent in early trading Tuesday after a Nikkei Asia report raised concerns about the company’s product demand. Despite the fact that the company’s shares have recently rallied, the massive drop in value reflects difficult economic times for companies across the tech industry and beyond.
All of this comes exactly one year after the company became the first publicly traded company valued at $3 trillion. More remarkable, Apple has joined Amazon in an exclusive club that no one wants to be a member of: companies that have lost $1 trillion in market value.
Other major technology companies have experienced steeper percentage declines than Apple and Amazon. Amazon and Facebook-parent Meta’s shares have fallen by about 50 per cent and 63 per cent, respectively, in the last year. In comparison, Apple is down about 31 per cent over the same time period.
The sources for this piece include an article in Axios.