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.
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.
To put that into further perspective: It took Apple nearly 30 years to reach a valuation of $190 billion. The company went public on December 12, 1980. Its $190 billion valuation came in March 2010, according to Macrotrends.
The driver of the iPhone sales slump projected in bearish analyst reports is that Apple's new $749 phone, the lower-end iPhone XR, might not be the hot seller that Apple had hoped, and the company may be cutting orders for the device.
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.