Apple took nearly 30 years to hit a value of $190 billion. It lost that much in little more than 5 weeks
- Apple's market cap has dropped $190 billion in around five weeks and it lost its $1 trillion valuation on Monday.
- It took Apple nearly 30 years to reach a $190 billion valuation after first going public in 1980.
- The reason for the decline: A slew of analyst reports suggesting that iPhone unit sales could drop year over year as soon as the first quarter of 2019.
Apple's stock took a beating on Monday. The iPhone maker's share price was down more than 5% at the end of trading, taking its market cap below $1 trillion at the close for the first time since it hit the milestone in August.The reason for the battering: A slew of analyst reports suggesting that iPhone unit sales could drop year over year as soon as the first quarter of 2019. Advertisement
It was another low in a bad few weeks for Apple's share price. After the firm's stock hit a high of $232 on October 3, with a value of $1.16 trillion, it then lost just under $190 billion from its market cap over the subsequent five or so weeks. That's not far off the GDP of Greece.
Apple is not the only tech stock to be hit in recent weeks. Amazon also lost its $1 trillion dollar valuation in October, while Facebook, Netflix, and Google have also slumped.