Tech giant Apple’s market value now sits at about $57 billion (N20.7 trillion) less than it did before CEO Tim Cook’s letter to investors yesterday.
This means that Apple’s stock is at its lowest price in about a year and a half. Its current stock price knocks the iPhone-maker down to the fourth most valuable company behind Microsoft, Amazon and Google.
Cook’s letter placed the blame for Apple’s lowered projections on a number of factors such as fewer than expected iPhone sales, the U.S. trade wars with China, and even its own iPhone battery replacement program.
According to Business Insider, Apple suppliers were also hit hard by the company’s news. AMS, the Austrian company that manufactures the iPhone X’s facial recognition sensors took the brunt of the domino effect, having lost about 20 percent of its market cap.
Since becoming the first trillion dollar company last year, Apple has experienced a continuous slide downward in market value. The company has lost around $450 billion since hitting its peak of $1.1 trillion. According to CNBC, Apple looks to be headed for its biggest single day loss in six years.
Thesheet.ng recalls that Nigeria’s President Muhammadu Buhari recently unveiled a budget of N8.83 trillion for the 2019 fiscal year.