In only three months, Apple has lost $452 billion in market capitalization, including tens of billions on Thursday as the tech giant’s stock sank further.
Apple shares have fallen by 39.1 percent since Oct. 3, when the stock hit a 52-week high of $233.47 a share. With its market cap down to about $674 billion, those losses are larger than individual value of 496 members of the S&P 500 — including Facebook and J.P. Morgan.
Microsoft, Amazon, Alphabet and Berkshire Hathaway are the only S&P 500 members with larger market caps than Apple’s loss since its recent high.
To put the Apple market value plunge in context, $446 billion is:
- more than double the size of Wells Fargo
- more than three times the size of McDonald’s
- more than five times the size of Costco
- more than 10 times the size of Raytheon
Apple gave a sudden warning to investors on Wednesday afternoon, lowering its fiscal first-quarter revenue guidance. Wall Street reacted, with one analyst saying this will represent Apple’s “biggest miss in years” and another saying the company’s announcement “raises more questions than answers.” Apple CEO Tim Cook’s letter to investors blamed a variety of factors for the guidance cut, including declining iPhone revenue and China’s weakening economy.
Apple stock closed Thursday trading down 10 percent at $142.19 a share.