Apple’s share price continues to fall following its disappointing earnings call last month, wiping out all the gains it has made since 2014.
The slump, which is now at a new 52-week low, even gave Alphabet the chance to overtake — if only for a little while.
Just over a year ago, Apple was riding high. The iPhone 6 series was doing incredibly well — better than any iPhone that came before it — and Apple became the first company in history to hit a $700+ billion market cap.
Back then, Apple shares were trading at around $122. As of this morning, with iPhone demand dropping like a lead balloon, shares fell to $89.47. Meanwhile, Alphabet shares were trading for as much as $719.25, giving the company a greater market cap for a short period.
It didn’t take long for Alphabet’s market cap to drop back down below $490 billion again, and Apple returned to the top. However, the new low means Apple shares have lost all the gains they’ve made over the past two years.
Thinks look bleak for Apple at the moment, and when you realize how quickly the value of its shares is falling, it’s easy to see why investors are kicking up a fuss. But Apple is confident its best days are ahead, and most fans have faith, too.
We’ll have to see whether this year’s iPhone refresh will be enough to cause another surge in Apple’s share price, and if it doesn’t, 2017 should. That’s when the iPhone celebrates its 10th anniversary, and you can bet Apple is planning something special for that.