Apple drops from its peak despite launching new products lately
The lack of a new iPhone model during the launch of Apple’s new batch of products last week didn’t help the tech company’s nosediving market value, which has dropped 22.6 percent — or $532 billion — since its 2 September intraday record of $137.98 / share, CNBC said Friday.
While Apple’s product launch last week — which showed off a revamped iPad, Apple Watch 6, Apple One subscription plan, but no new iPhone — is partially to blame, the iPhone maker’s stock has dropped in line with the sell-off on the Nasdaq.
The tech giant has plunged 22.6 percent from its intraday record high of $137.98 from Sept. 2, losing around $532 billion in market value.
Apple’s fast and furious decline followed its massive run-up in August ahead of its 4-for-1 stock split, while the steep losses also came as Apple’s recent product event — its first in 2020 — didn’t live up to the hype.