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.
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.