Microsoft and Amazon have both overtaken Apple in market cap

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Apple is now behind where it was at the start of the year.
Photo: Ste Smith/Cult of Mac

Apple has done a whole lot in 2018 but, from a stock price perspective, none of it matters. That’s because Apple’s declining stock price means that the company has now officially lost money this year.

AAPL finished 2017 at $169.23. At time of writing, it is trading at $164.48. Overall, it’s now down around 1 percent year-on-year. In the process, it’s fallen behind some major rivals.

Apple has lost a massive 27 percent since the stock price peaked on October 3. At the time, AAPL was trading at $229.28, a whole $50 more than its current share price. It also appears to be dragging down the value of its suppliers, many of whom have been hit by rumors of disappointing iPhone order numbers.

The Cupertino company managed to become the first public company in history to pass the $1 trillion value in market cap back in August. That now seems a distant memory, as Apple is worth “just” $780.52 billion. This places it far behind Microsoft’s $815 billion market cap. It’s also fallen behind Amazon’s $803.97 billion market cap.

Google, by comparison, is valued at $723.99 billion, while Facebook lags behind at $406.67 billion.

Why Apple stock is tanking

There are myriad reasons why Apple stock is tanking right now, which I laid out here. The big one is concerns about falling iPhone sales. Last week, an HSBC analyst caused a big Apple selloff by suggesting that meaningful iPhone growth is pretty much over by this point.

While there are plenty of reasons to be excited about Apple in 2019, it seems that the days of it being head-and-shoulders above every other tech company are well and truly over! (For now, at least.)

Via: Business Insider