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Apple to relinquish historic $3 trillion value as sales fall

2 years ago
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Apple to relinquish historic $3 trillion value as sales fall

Apple Inc.’s market value is set to dip below the historic $3 trillion level after the iPhone maker’s outlook for the fourth quarter sparked worries over tepid demand for its handsets and other gadgets.

Shares in the California-based company dropped 2.4% in US premarket trading Friday, giving it a market value of roughly $2.93 trillion if the move holds. Apple posted its third straight quarter of declining sales late on Thursday, and predicted a similar performance in the current period.

Rosenblatt Securities downgraded the stock to neutral, saying the mixed report “highlights the slowdown phase in which Apple now sits.” Even though the company’s Services business is accelerating, “a slowdown in the U.S. seems likely to last until a material new product category takes hold.” Analyst Barton Crockett sees this prospect as “uncertain both in timing and success, leaving little reason to favor shares now trading near peak absolute and relative multiples.”

Apple’s valuation has been a concern for investors. The stock trades at more than 29 times estimated earnings, a premium to both its own history and the overall market.

The reaction to Apple’s results wasn’t uniformly negative, and Citi is optimistic about where it goes from here. The firm placed Apple on a 90-day upside catalyst watch ahead of its expected iPhone 15 series release in September.

Apple in June became the first company with a $3 trillion value. The shares have gained 47% this year through Thursday amid a broad tech rally on investor hopes that the development of artificial intelligence could provide a fresh boost to growth.

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