Apple’s value fell back below $2 trillion last night as shares continued on a downward spiral.
The iPhone maker’s stock fell 3.8 per cent on a disappointing start to the year.
The tumble stands in stark contrast to the opening day of trading in 2022 when Apple became the first ever company to reach a market value of $3 trillion.
Apple crumble: The iPhone maker’s stock fell 3.8% on a disappointing start to the year, but it is still faring better than its Silicon Valley neighbours
The latest slide in the share price came after analysts cut estimates because of widespread disruption at Apple’s Chinese hub in Zhengzhou over the Christmas period due to Covid-19 restrictions.
Exane BNP Paribas downgraded the Apple stock from ‘outperform’ to ‘neutral’ and sliced its target price by $40 to $180.
The broker reckons the tech giant will ship 21m fewer iPhones this year than the 245m models previously projected.
Although Apple’s shares have dropped more than 30 per cent in the last year, it has fared better than its Silicon Valley neighbours.
Amazon and Facebook owner Meta shares have plunged 50 per cent and 63 per cent respectively since the start of last year, as the wider sell-off batters the tech-laden Nasdaq.
