November 24, 2017

Apple Market Value Down $70 Billion Since iPhone 5 Release

Olawale AdeyinaOct 9, 20122min

So far, it looks like the iPhone 5 has been more of a curse than a blessing for Apple, at least as far as Wall Street is concerned.

Apple’s market value has declined by more than $70 billion from the high it hit two and a half weeks ago when the iPhone 5 was released in stores. The company’s stock dropped to as low as $623.55 a share in early trading Tuesday, pushing the company’s market cap down to $585 billion.

Apple shares hit $700 for the first time ever a few days after the iPhone 5 was announced and rose to an all-time intraday trading high of $705.07 on September 21, the day the phone went on sale, which gave the company a market cap of about $661 billion. The stock closed that day at $700.09 a share, for a market cap of about $656 billion.

Since then, the company’s stock has declined on fears about iPhone 5 supply constraints — most recently from reports of a strike at Foxconn, Apple’s Chinese manufacturing partner. The company’s market value fell below $600 billion on Monday for the first time in nearly two months.

In total, this means Apple lost about $76 billion in market value from the peak set on the day the iPhone 5 was released to Tuesday’s trading low.

Culled from: Mashables

Olawale Adeyina

Jesus Boy, Tech Enthusiast, Team Lead:, GreenStreetMedia.Ng

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