Apple’s run as a $3 trillion stock proved fleeting. Now its grip on a $2 trillion market value is looking wobbly, too. After briefly surpassing $3 trillion in January, the iPhone maker has lost more than $800 billion in capitalisation as tech stocks plunged. With concern growing that the Federal Reserve’s interest-rate increases could tip the US into recession, the $2 trillion milestone is looking precarious. Apple closed Tuesday at $2.15 trillion.
KeyBanc Capital Markets sees signs of softer US demand, citing credit card data spending. Others have raised concerns about the pace of revenue growth at the company’s App Store, with Morgan Stanley adding that this poses risks to its estimates for Apple’s Services business. According to data compiled by Bloomberg, Apple derived 18.7% of its fiscal 2021 revenue and more than 30% of gross profit from services.
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