- Just three months ago, Apple was on a high as the most valuable company in the world.
- But nearly $US450 billion has been wiped from its value since October.
- That’s more than the market cap of Facebook.
Apple’s stock has been in free fall since since its record high in October, and Wednesday’s unexpected sales warning from CEO Tim Cook has sped up the decline.
The iPhone maker’s share price fell by 9.96% on Thursday following a shock readjustment of its revenue forecast.
Just three short months ago, Apple was on a high as the most valuable company in the world.
But since Apple hit a peak of $US232.07 a share on October 3, giving it a market cap of $US1.12 trillion, it has dropped to $US142.19 as of Thursday’s close, wiping $US446 billion from its value. Its market cap stood at $US674.75 billion on Thursday.
To put that into context, that nearly $US450 billion loss is significantly more than the market cap of Facebook, which is worth about $US380 billion. It’s also more than the gross domestic product of countries including Iran, Austria, and Norway.
This chart shows the three-month decline and says it all:
The drop in valuation means Apple has lost its position as the world’s third-most-valuable company to Alphabet, the parent company of Google.
In premarket trading, Apple was up 1.61% to $US144.48 at the time of publication.
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