Apple's market value has fallen below $2 trillion following a drop in its stock price of around 4% today.
This marks the first time this has happened since 2021 and the stock is currently at its lowest point since June 2021.
The decline is thought to be due to concerns about shortages of iPhone supplies in China and a decrease in demand for Apple products due to high inflation and the possibility of a recession.
Although the overall stock market has been performing poorly, Apple's performance has been better compared to some of its competitors.
According to the Financial Times, Apple has lost 27% of its value in the past year, while the Nasdaq Composite, which consists of mostly tech companies, has lost 33%. Despite this, Apple has experienced 14 consecutive quarters of growth.
However, it is expected that the company will report a 1% decrease in revenue during the fourth quarter of 2022.
According to Nikkei Asia, Apple has informed some of its suppliers that it wants fewer components for its AirPods, Apple Watch, and MacBooks in Q1 2023 due to a decrease in demand.
Research from Haitong International Securities also indicates that there will be a year-over-year decline in shipments for the iPhone, Apple Watch, AirPods, and MacBooks in 2023.
Apple achieved a market valuation of $3 trillion in January 2022, due in part to the increased demand for its products during the COVID-19 pandemic as people began working, learning, and communicating remotely.
