Apple, the world’s most valuable public company, is back to slumming it as a multi-hundred-billion-dollar company.
The company’s stock price closed at $201.59 today (Nov. 5), a drop of about 3% from its opening price. That was enough to send its market capitalization down to $973.66 billion, according to Yahoo Finance.
The drop caps off a rough few days for Apple. After unveiling its latest devices to great fanfare early last week, the company announced on its earnings call Nov. 1 that it would no longer break out how many devices it ships each quarter. That, coupled with a reserved outlook for the holiday quarter, sent the company’s stock price tumbling, with the market capitalization dropping below $1 trillion in after-hours trading. It recovered the next day, but the rally was short-lived.
Apple’s stock was downgraded by two investment banks, which saw the unit sales news as troubling, and potentially that the company is scaling down production of the iPhone, its cash cow, over softening sales. Those fears were compounded by a report from Nikkei that suggested Apple is ramping back up production of the older iPhone 8, as demand for the new iPhone Xr has fallen short of expectations.
The company endured its worst two-day stretch on the market in six years, according to MarketWatch.