Apple is no longer a $1 trillion company
Apple, the first ever U.S. company to be valued at $1 trillion, is no longer worth $1 trillion.
News of Apple’s demotion — now once again slumming it as one of the companies worth only hundreds of billions of dollars — came as the result of a domino effect of negative press for the company. Already feeling market pressure after announcing a change to how the company was going to report quarterly sales, a new report delivering bad news related to the latest iPhone has extended those woes.
After a report in Nikkei Asian Review, a large financial publication out of Japan, claimed demand for the new iPhone XR was lower than expected, Apple’s suppliers in Asia have taken a hit in the stock market as well. The stock prices of Foxconn, Pegatron, Largan Precision, Flexium Interconnect, and AAC Technologies all declined in the wake of the news, which said Apple has supposedly halted additional production lines of its latest iPhone model. Read more…