Apple has lost hundreds of billions in just 3 months as the tech conglomerate’s capital stock lost significant value.
The total reduction in market capitalization – that is somewhere around $452 billion – also includes tens of billions of dollars that the company lost just this Thursday.
The stocks fell by 39.1, bringing the market cap as low as $674 billion. According to reports, the total losses are more than the individual value of 496 members of S&P 500 – including Facebook.
The four remaining members are the only ones with market caps higher than Apple’s recent loss, including companies like Microsoft, Alphabet, Amazon, and Berkshire Hathaway.
Apple already issued warning letters to its investors to prepare for its “biggest miss in years”, according to an analyst. The company took criticism from Wall Street, with one analyst saying that Apple’s share decline “raises more questions than answers”.
According to the American company’s CEO, Tim Cook, the loss came after declining sales of iPhone’s in the recent fiscal year, and can also be attributed to China – one of the biggest Apple product markets – and its weakening economy.
To put things into perspective, CNBC compared Apple’s loss to other companies and their financial outlooks. The $446 billion loss is more than three times the size of McDonald’s and more than five times that of Costco.
At present, the company is readily losing its share value. Apple’s stock on Thursday closed at $142.19 per share, at a 10 percent lower rate.