Apple has lost $90 billion in market cap in the last 2 weeks
REUTERS/Lucy Nicholson
That $90 billion figure is based on Apple's opening stock price of $130.97 on July 20 and its current number of outstanding shares, which is 5.77 billion.
Apple stock has been dropping since July 20, the day before it reported earnings. As of Tuesday, for example, stocks were down by more than 14% since that date. Apple stock is currently up 0.38% at $115.07 per share.
At its highest, Apple's market cap surpassed $765 billion earlier this year in February. Apple's current market cap now sits at $656.21 billion, according to Yahoo Finance.
It's unclear exactly what caused the slip in Apple's stock, but Bank of America Merrill Lynch recently downgraded Apple stock from "Buy" to "Neutral" with a new stock-price target of $130 from $142.
Analysts have been concerned about Apple's reliance on the iPhone, whose sales are slowing, and think it will be hard for Apple to grow its smartphone market share in China - last quarter, Apple's share slipped into third place behind Xiaomi and Huawei, according to Canalys.
- Rupee falls 6 paise to settle at 83.39 against US dollar
- 10 Fruits to keep you hydrated this summer
- 8 Benefits of drinking hot water every morning
- Best places near Lucknow for a perfect weekend getaway
- Toyota Kirloskar Motor to hike prices on select vehicles from April 1