Apple (AAPL) loses $190 billion off market cap in 5 weeks

Apple CEO Tim
Cook.
Getty

• Apple’s market cap has dropped $190 billion in around
  five weeks and it lost its $1 trillion valuation on
  Monday.
• It took Apple nearly 30 years to reach a $190 billion
  valuation after first going public in 1980.
• The reason for the decline: A slew of analyst
  reports suggesting that iPhone unit sales could drop year over
  year as soon as the first quarter of 2019. 

Apple’s stock took a beating on Monday. The iPhone maker’s share
price was down more than 5% at the end of trading, taking its
market cap below $1 trillion at the close for the first time
since it hit the milestone in August.

The reason for the battering: A slew of analyst reports
suggesting that iPhone unit sales could drop year
over year as soon as the first quarter of 2019. 

It was another low in a bad few weeks for Apple’s share price.
After the firm’s stock hit a high of $232 on October 3, with a
value of $1.16 trillion, it then lost just under $190 billion
from its market cap over the subsequent five or so weeks.
That’s not far off the GDP of
Greece.

Read more: Apple is getting crushed after
analysts predict that iPhone unit sales will shrink next
year

To put that into further perspective: It took Apple nearly 30
years to reach a valuation of $190 billion. The company went
public on December 12, 1980. Its $190 billion valuation came in
March 2010, according to Macrotrends.

 

macrotrends

The driver of the iPhone sales slump projected in bearish analyst
reports is that Apple’s new $749 phone, the lower-end iPhone
XR, might not be the hot seller that Apple had hoped, and the
company may be cutting orders for the device.

Apple is not the only tech stock to be hit in recent weeks.
Amazon also lost its $1 trillion
dollar valuation in October, while Facebook, Netflix, and
Google have also slumped.