The slump sent Apple’s market value to US$1.98 trillion. Find out more.
The milestone marks a fall from grace for Apple. The stock spent much of the past year outperforming the S&P 500 Index but has stumbled in recent weeks amid fears that iPhone production problems in China will ruin holiday sales, the company’s most important period.
Exactly a year ago, Apple’s shares briefly rallied to climb above US$3 trillion in market value as the S&P 500 hit a record high.Article content The four largest U.S. technology companies have lost more than US$3 trillion in market value in 2022 amid soaringand slowing sales growth that surged during the COVID-19 pandemic. December was Apple’s worst month since May 2019 with a decline of 12 per cent, which exceeds the nine per cent decline for the tech-heavy Nasdaq 100 Stock Index in the same period.
The Zhengzhou facility, known as iPhone City, produces the vast majority of high-end iPhone 14 Pro and Pro Max devices. In November, thousands of workers had fled or staged protests against extreme Covid rules. But Foxconn ended most of those restrictions last month and offered more incentives for both new and current employees.Article content
Another Apple supplier, Murata Manufacturing Co., added a note of pessimism last month. The company said it expected the tech giant to reduce iPhone 14 production plans further in the coming months. The iPhone accounts for about half of Apple’s revenue.
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