Market value of Apple Inc. could fall below an all-time high of $3 trillion after the iPhone maker’s fourth-quarter forecast raised concerns about weak demand for its phones and other gadgets, writes Bloomberg.
The company’s shares fell by 2.4% in pre-market trading in the US on Friday. Therefore, its market value could reach about $2.93 trillion if this trend continues.
The day before, Apple announced its third consecutive quarterly revenue decline and said that this situation could continue in the current quarter.
Rosenblatt Securities downgraded the company’s stock to neutral, saying the earnings report “underscores the slowdown Apple is currently experiencing”.
Although the company’s services business is accelerating, “the slowdown in the US is likely to continue until a significant new product category emerges”.
In June, Apple became the first company worth $3 trillion. The company’s shares have risen 47% this year amid a broad tech rally driven by investor hopes that the development of artificial intelligence could provide a new impetus for growth.