Apple’s stock continued to slump on Friday. It closed at $92.72, down .56% on the day, marking the lowest closing price for the stock since June 2014.
Apple stock has lost over 11% of its value since it reported disappointing earnings on April 26, wiping out billions of dollars in value.
Although Apple remains the world’s most valuable company, with a market cap over $500 billion, investors have real fears that iPhone demand will be lower for the foreseeable because of overall lower upgrade rates and saturated markets in the developed worlds.
There’s also concern that the regulatory environment in China might be becoming hostile to Apple as CEO Tim Cook plans a trip to meet with officials there later this month.
Cook said that he believes that Apple is undervalued during an appearance on CNBC earlier this week.
Here’s what Apple’s stock has done over the past two years: