Digital Desk, San Francisco. For the first time since early 2021, Apple’s market cap fell below $2 trillion in Tuesday’s trading, meaning the iPhone maker’s market cap was more than $3 trillion, now less than $2 trillion. The decline means the tech giant lost $1 trillion in market capitalization in just one year. According to CNN, Apple, like many other tech companies, has been affected by supply chain issues.
Its production in China has been affected due to the latest wave of Covid infections. On Jan. 3, Apple shares fell nearly 4 percent after the report raised concerns about consumer demand for its products.
Nikkei Asia reported on Monday that Apple recently notified several suppliers to make fewer parts for its most popular devices, including AirPods, Apple Watch and MacBooks, for the first quarter. Such reports have also raised concerns about demand for Apple’s products.
However, Apple is not the only company that has experienced a drastic drop in market capitalization. Apple’s market value has declined significantly, while other major technology companies have also seen sharp percentage declines. Shares in Amazon and Facebook’s parent company Meta have fallen by around 50 percent and 63 percent in the past year, the report said. In comparison, Apple fell nearly 31 percent over the same period, the report said.
Source: IANS
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