Apple’s market capitalisation has dropped by roughly $US90 billion since July 20, as CNBC first noticed.
That $US90 billion figure is based on Apple’s opening stock price of $US130.97 on July 20 and its current number of outstanding shares, which is 5.77 billion.
Apple stock has been dropping since July 20, the day before it reported earnings. As of Tuesday, for example, stocks were down by more than 14% since that date. Apple stock is currently up 0.38% at $US115.07 per share.
It’s unclear exactly what caused the slip in Apple’s stock, but Bank of America Merrill Lynch recently downgraded Apple stock from “Buy” to “Neutral” with a new stock-price target of $US130 from $US142.
Analysts have been concerned about Apple’s reliance on the iPhone, whose sales are slowing, and think it will be hard for Apple to grow its smartphone market share in China — last quarter, Apple’s share slipped into third place behind Xiaomi and Huawei, according to Canalys.