Apple drops below $1 trillion valuation after disappointing forecast

Apple lost its trillion-dollar valuation today after it forecast a holiday quarter weaker than Wall Street expectations.

As of 2pm Eastern, shares were down nearly 7 percent to below the $207.08 threshold for market capitalization of $1 trillion.

Yesterday, Apple predicted that supply issues might affect new model iPhone sales and that geopolitical tensions in certain markets would mean less disposable income would flow to the company.

The biggest factor in shareholder hesitance was the announcement that the company would no longer distribute unit sales information for its iPhones, iPads and Mac devices. Some brokerage houses are concerned that Apple will try to hide declines, particularly with iPhones.

Amazon and Microsoft are currently valued above $1 trillion with the latter currently the world’s most valuable company.

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About The Author
Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.