Apple’s market value fell below $2tn in early trading on Tuesday, extending a sharp slide that has wiped roughly $1tn off its market capitalisation amid investor fears over disruptions to its China-based factories.
The dramatic fall in the iPhone maker’s market capitalisation represents a stark reversal from the first trading day of 2022, when Apple became the only company ever to reach a $3tn valuation. Shares in the company slipped by more than 3.5 per cent on Tuesday, pushing its stock to its lowest point since June 2021.
Apple has still performed better than its peers in the past year: it has lost 27 per cent of its value in the past 12 months, versus a 33 per cent loss for the tech-heavy Nasdaq Composite.
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