Poor iPhone 12 Sales Wipes $430 Billion From Apple¡¯s Market Cap

Apple¡¯s newest iPhone in the market, the iPhone 12 have surely created quite a ripple. While people love the Cupertino giant for bringing back the flat design language that we all have loved since the iPhone 4, many were disappointed with the pricing, the delay in the launch as well as the omission of a charging brick and earphones in the box.

And these decisions have surely cost Apple in terms of its stock price -- wiping away $430 billion to be precise.

Reuters

The Cupertino giant¡¯s market capitalization on October 30 was reported to be around $1.862 trillion with a share price of $108.86. To put things into perspective, just a month ago on September 1, Apple¡¯s market capitalization had been $2.295 trillion with a share price of $134.18. This is a 19 percent drop.

This is according to a Bloomberg report which also stated that the smartphone maker has reported that the iPhone sales missed the estimates set by the analysts. Moreover, they didn¡¯t offer any forecast for the upcoming holiday quarter.

One of the major reasons that have caused this drop is the delay in the iPhones hitting the market. iPhone sales were off by 20 percent year over year. In fact, this drop was also seen in the sale numbers from China.

Tim Cook, however, notes that the fourth quarter was quite positive for Mac and Apple Services, ¡°Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive."

Apple

He added, "From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion and the kinds of big ideas that only Apple can deliver.¡±