Apple just lost $57 billion in the stock market and dropped to the fourth most valuable company.
After halting stock trading yesterday to announce a revenue projection reduction of about $9 billion, Apple stock opened on Thursday at $144. It was around a $14 drop from its already plummeting price when the markets closed on Wednesday.
Now, Apple stock is at its lowest price in about a year and a half. Its current stock price knocks the iPhone-maker down to the fourth most valuable company behind Microsoft, Amazon and Google.
The Cupertino, Calif.-based tech giant’s market value now sits at about $57 billion less than it did before CEO Tim Cook’s letter to investors yesterday.
Cook’s letter placed the blame for Apple’s lowered projections on a number of factors such as fewer than expected iPhone sales, trade wars with China, and even its own iPhone battery replacement program.
Apple’s negative forecasts didn’t occur in a bubble either. As Business Insider points out, Apple suppliers were also hit hard by the company’s news. AMS, the Austrian company that manufactures the iPhone X’s facial recognition sensors took the brunt of the domino effect, having lost about 20 percent of its market cap.
Since becoming the first trillion dollar company last year, Apple has experienced a continuous slide downward in market value. The company has lost around $450 billion since hitting its peak of $1.1 trillion.
According to CNBC, Apple looks to be headed for its biggest single day loss in six years.