Apple’s market cap drops below $3 trillion: But why?

In the past months, Apple’s market value reached $3 trillion, making it a first in this field. However, due to the wind blowing and the company’s natural lack of immunity to current economic situations, Apple’s market value fell below $ 3 trillion. As of now, Apple’s market value is at the level of $2.86 trillion.

Apple is no longer worth $3 trillion

Apple’s shares fell the most since September 2022 after its third-quarter earnings report. The firm’s Friday plunge was its worst day ever in 2023 and its biggest loss since September 29 last year. Apple reported a decrease in revenue for the third time in its last quarter report for its fiscal year. For this reason, the company’s shares have fallen by 7 percent in the last 5 days. Apple also expects revenue to decline once again in the September quarter. This expectation also affects the depreciation. Due to the declines, the value of the company thus decreased to the level of $ 2.86 trillion.

The main factor behind Apple’s decline was the decline in iPhone sales, especially in the United States. According to the data announced by Apple, there was a 2% decrease in iPhone sales. In general, there is a similar downward trend in sales. As the expectations showed that the income loss would continue and there was no announcement that would attract investors in the field of artificial intelligence, we can say that the decline was inevitable. You can get more detailed information on this subject from the link below.

With its current market value of $2.86 trillion, Apple still remains the world’s most valuable company. Just behind Apple is Microsoft with a value of $2.44 trillion. Microsoft has increased its share value by 37 percent since the beginning of the year, while Apple has increased by 45 percent.