Digital desktop, San Francisco. For the first time since early 2021, Apple’s market capitalization fell below $2 trillion during Tuesday’s trading, meaning the iPhone maker’s market capitalization was more than $3 trillion, which now it is less than 2 trillion dollars. The decline means the tech giant lost $1 trillion in market capitalization in just one year. According to CNN, Apple, like many other technology companies, has been affected by problems in the supply chain.
Its manufacturing in China has been affected by the latest wave of Covid infections. On January 3, Apple shares fell nearly 4 percent after the report raised concerns about consumer demand for its products.
Nikkei Asia reported Monday that Apple recently notified several suppliers to make fewer parts for some of its most popular devices, including AirPods, Apple Watch and MacBooks, during the first quarter. Such reports have also raised concerns about demand for Apple products.
However, Apple is not the only company facing a huge reduction in market capitalization. Apple’s market value declined significantly, while other major technology companies also saw sharp percentage declines. The report says that shares of Amazon and Facebook parent company Meta have declined by about 50 percent and 63 percent, respectively, in the past year. By comparison, Apple is down 31 percent over the same period, according to the report.
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