Apple’s weak performance in 2022 has spilled over into 2023, with the stock down 4% to begin the year. During Tuesday’s sell-off, Apple lost $85 billion in market value, taking it below the $2 trillion valuation mark for the first time since May. The last company to hold onto such a high valuation was Apple, which fell below it early last year.
The pandemic boosted Apple product sales in August 2020, and work-from-home trends contributed to its first $2 trillion valuation. A significant boost was seen in laptop sales, and the iPhone helped generate record revenues. Stocks peaked on January 3, 2022 at ,a valuation of about $3 trillion.
According to a Monday report from Nikkei, Apple’s MacBooks, AirPods, and Apple Watch are experiencing weaker demand.
An Apple supplier told Nikkei Asia that the company has reported lower orders for almost all product lines since the quarter ended December, partly due to weak demand.
As a result of the widespread COVID infection in China, Apple has already seen a reduction in iPhone production from its factories.
Apple’s website estimates that the delivery wait time for an iPhone 14 Pro is about two weeks as a result of the reduced manufacturing output.
Despite the light fourth-quarter deliveries, Tesla fell more than 11% on Tuesday, outperforming the S&P 500’s decline of about 0.6%.
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