A steady slide in Apple Inc. shares pushed the iPhone maker’s market value below $2 trillion , the latest casualty in the tech stock rout.
The milestone marks a fall from grace for Apple. The stock spent much of the past year outperforming the S&P 500 Index but has stumbled in recent weeks amid fears that iPhone production problems in China will ruin holiday sales, the company’s most important period. December was Apple’s worst month since May 2019 with a decline of 12%, steeper than the 9% decline for the tech-heavy Nasdaq 100 Index in the same period.Apple, based in Cupertino, California, has suffered supply disruptions stemming from Covid-19 lockdowns in China, but those have been easing.
In November, thousands of workers had fled or staged protests against extreme Covid rules. But Foxconn ended most of those restrictions last month and offered more incentives for both new and current employees.The company said it expected the tech giant to reduce iPhone 14 production plans further in the coming months. The iPhone accounts for about half of Apple’s revenue.
Apple is expected to deliver its latest quarterly earnings report in the coming weeks. The quarter that runs through December is its biggest sales period of the year, and analysts had initially projected record-setting revenue.
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Apple’s market value falls slips below $2-trillion amid tech stock routIPhone maker's fall from $3-trillion a year ago driven by fears over production problems in China
Source: BDliveSA - 🏆 12. / 63 Read more »
Apple’s market value slips below $2-trillion amid tech stock routIPhone maker's fall from $3-trillion a year ago driven by fears over production problems in China
Source: BDliveSA - 🏆 12. / 63 Read more »