Apple’s Market-Cap Plunge: Here’s How Much It Has Fallen

Apple’s Market-Cap Plunge: Here’s How Much It Has Fallen

Apple  (AAPL) – Get Report saw a record $180 billion erased from its market valuation on Thursday, the most any U.S. company has ever lost in a single trading day, after the stock dropped 8% amid a broader market rout driven by investors fleeing record-high tech stocks.

Apple was down another 2.2% at $118.22 in afternoon trading on Friday, recovering from an even steeper drop earlier in the day.

Shares of Apple ended the trading day Thursday down 8%, or $10.52 a share, at $120.88, its worst one-day share decline since March 20, when the Cupertino, Calif.-based company fell about 6.4% amid the whirlwind of the pandemic market panic. 

The decline follows Apple’s climb into the trillion-dollar-valuation club, which it entered just two weeks ago on the back of a broader rally in tech stocks as well as stronger-than-expected sales and its recent 4-for-1 stock split. 

Overall revenue for the iPhone maker’s fiscal third quarter ended June 27 came in at $59.7 billion – up 11% from a year ago and well ahead of Wall Street analysts’ forecasts of $52.3 billion.

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