Apple loses historic US$3T crown as sales disappoint
BNN Bloomberg
Apple Inc.’s market value is now decisively below the historic US$3 trillion level, after the iPhone maker’s outlook for the fourth quarter sparked worries over tepid demand for its handsets and other gadgets.
Shares in the California-based company dropped 4.8 per cent on Friday, resulting in a market capitalization of about US$2.85 trillion. The day’s decline, Apple’s largest since September, represented a drop of more than US$160 billion in market value. In June, Apple became the first company with a US$3 trillion value.
In its report, Apple posted its third straight quarter of declining sales, and predicted a similar performance in the current period.
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