In only three months, Apple has lost $446 billion in market capitalization – and counting, as the tech giant’s stock continues to plunge on Thusday.
Apple shares have fallen by more than 38 percent since Oct. 3, when the stock hit a 52-week high of $233.47 a share. With its market cap down to about $682 billion, those losses are larger than individual value of 496 members of the S&P 500 – including Facebook and J.P. Morgan.
Microsoft, Amazon, Alphabet and Berkshire Hathaway are the only S&P 500 members with larger market caps than Apple’s loss since its recent high.
To put the Apple market value plunge in context, $446 billion is:
Apple gave a sudden warning to investors on Wednesday afternoon, lowering its fiscal first-quarter revenue guidance. Wall Street analysts reacted by saying this will represent Apple’s “biggest miss in years” and said the company’s announcement “raises more questions than answers.” Apple CEO Tim Cook’s letter to investors blamed a variety of actors for the guidance cut, including declining iPhone revenue and China’s weakening economy.
At last count, the shares were down 10 percent on Thursday.
contributed to this report.
source : CNBC