Apple market value down $50B since new iPhone unveiling

By Sam Howard  |  Sept. 23, 2017 at 10:09 AM
share with facebook
share with twitter
1 of 4
| License Photo

Sept. 23 (UPI) -- Despite the highly-anticipated unveiling of its latest slate of iPhones, Apple's market value has sank over the last month.

A CNBC analysis shows that since the unveiling of the iPhone X, iPhone 8 and iPhone 8 plus on Sept. 12, Apple's market value has dropped from about $835 billion to $782.5 by the end of the trading day Friday.

This week has been a particularly tough stretch for Apple's market value, the Financial Times reported Friday, having dropped $43 billion in the last five days alone.

As of early trading Friday, Apple's stock had fallen 5.2 percent during the week -- good for the California-based company's worst five-day span since late April 2016.

Apple's stock value is up more than 30 percent in the last year, however.

The Times cited lackluster reviews for the iPhone 8 and glitches on the new Apple Watch as possible contributors to this week's decline. Both products were released to the public worldwide Friday.

Gene Munster, a former top Apple analyst, told CNBC earlier this month that any losses may not necessarily be a bad sign for the company.

"The simple reason is this: The stock's up 50-plus percent in the past year because investors have been anticipating the return to growth of the iPhone. As soon as that product comes out, people are going to shift their focus to the March and June quarters of next year. That's when the iPhone cycles are made or missed," Munster said. "So there's naturally going to be some people taking some profits."

Related UPI Stories
Trending Stories