Apple sees value fall back below $2trillion as stock falls 3.8%
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Apple sees value fall below $2 trillion: iPhone maker’s stock falls 3.8% in disappointing start to the year
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Apple’s value fell below $2 trillion last night as the stock continued its downward spiral.
Shares of the iPhone maker fell 3.8 percent after a disappointing start to the year.
The tumble is in stark contrast to the opening day of trading in 2022, when Apple became the first company ever to reach a $3 trillion market cap.
Apple crumbles: iPhone maker’s stock fell 3.8% after a disappointing start to the year, but it still outperforms its Silicon Valley neighbors
The latest drop in share price came after analysts lowered their estimates due to a widespread outage at Apple’s China hub in Zhengzhou over the Christmas season due to Covid-19 restrictions.
Exane BNP Paribas downgraded Apple stock from “outperform” to “neutral” and lowered its price target by $40 to $180.
The broker estimates that the tech giant will ship 21 million fewer iPhones this year than the 245 million models previously predicted.
Although Apple’s shares have fallen more than 30 percent in the past year, the company has outperformed its neighbors in Silicon Valley.
Shares of Amazon and Facebook owner Meta are down 50 percent and 63 percent, respectively, since the start of last year as the broader selloff ravages the technology-laden Nasdaq.