San Francisco— For the first time since early 2021, Apple’s market cap fell below $2 trillion during trading on Tuesday, one year to the day after it became the first public tech company valued at $3 trillion.
The fall meant that in just one year, the tech giant lost $1 trillion in market capitalisation.
According to CNN, like many other tech companies, Apple has been hit by supply chain issues.
Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
On January 3, Apple’s shares were down by nearly 4 per cent after a report raised concerns about consumer demand for its products, according to the report.
Nikkei Asia reported on Monday that Apple recently notified several suppliers to build fewer parts for some of its most popular devices for the first quarter, including AirPods, the Apple Watch, and MacBooks.
Such reports have raised concern about demand for Apple products as well.
However, Apple is not the only company to suffer a massive reduction in market capitalisation.
While Apple’s market value has declined significantly, other major technology companies have experienced steeper percentage declines.
Amazon and Facebook-parent Meta’s shares have fallen by about 50 per cent and 63 per cent, respectively, over the past year, said the report.
In comparison, Apple was down about 31 per cent over the same time period, the report added. (IANS)