Apple has lost $1 trillion in market value in one year | CNN Business

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Apple’s market capitalization fell below $2 trillion in trading on Tuesday for the first time since early 2021 and a year after the company became the first public technology company valued at 3 trillions of dollars.

Shares of Apple ( AAPL ) fell more than 4% in midday trading after a report expressed concern about consumer demand for its products. Nikkei reported that Apple ( AAPL ) recently notified several suppliers to build fewer parts for some of its most popular devices in the first quarter, including AirPods, the Apple ( AAPL ) Watch and MacBooks.

Apple did not immediately respond to a request for comment.

Like other tech companies, Apple has faced supply chain issues and concerns that recession fears could weigh on advertiser and consumer spending, even for pricier products like the iPhone .

Ahead of the important holiday shopping period, Apple said was experiencing “strong demand” for iPhone 14 Pro and iPhone 14 Pro Max models, but expected lower-than-expected shipments due to Covid-related disruptions at a supplier in China. (These operations are now said to be running at nearly full capacity.)

While Apple’s market value has fallen considerably, other big tech companies have seen steeper percentage declines. Shares of Amazon and Facebook parent Meta are down 50% and 63%, respectively, over the past year. Apple, by comparison, is down 31% over the same period.

However, Apple now joins Amazon in an exclusive club that no one wants to be a part of: companies that have lost $1 trillion in market value.