Apple Loses Historic $3 Trillion Crown as Sales Disappoint
- The selloff erased more than $160 billion in market value
- Company posted third-straight quarter of declining sales
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Apple Inc.’s market value is now decisively below the historic $3 trillion level, after the iPhone maker’s outlook for the fourth quarter sparked worries over tepid demand for its handsets and other gadgets.
Shares in the California-based company dropped 4.8% on Friday, resulting in a market capitalization of about $2.85 trillion. The day’s decline, Apple’s largest since September, represented a drop of more than $160 billion in market value. In June, Apple became the first company with a $3 trillion value.