Apple has lost its title as the world’s only company with a market valuation of $3 trillion, after the company warned it was headed for a fourth straight quarter of declining sales.
Shares of Apple closed down 4.8 percent at $181.99, wiping more than $140 billion off the company’s market capitalization, in the stock’s biggest one-day percentage drop so far this year.
Apple stock was down primarily because the company said in an earnings report on Thursday that demand continues to slow for its flagship iPhone, especially in developed markets.
Although Apple remained the most valuable company in the world, it meant the iPhone maker lost the crown as the only $3 trillion company by market cap, a measure of value that totals the price of all a company’s shares.
Despite the slump in iPhone sales, Apple’s services business was a bright spot and helped the company top profit expectations for the June quarter.
www.dailymail.co.uk/news/article-12374395/Apple-stock-market-valuation.html