Apple set to lose nearly $500 billion in value after weak forecast
Apple shares are facing a sharp sell-off after supply-chain disruptions clouded the company's outlook and pointed to weaker iPhone demand. Roughly $500 billion is expected to be wiped from its market value.
Apple shares tumbled sharply after the company said supply-chain disruptions were clouding its hardware and cloud-services outlook, sending investors scrambling to reassess iPhone demand for the coming quarters. Roughly $500 billion is expected to be erased from the company's market value as a result.
Company executives said delays in component sourcing could weigh on production targets in the current quarter. Analysts described the guidance as among the most cautious Apple has issued in recent years.
The slide came during a volatile week for technology stocks more broadly. Market watchers say Apple's next quarterly report will be closely scrutinized for clearer signs of how long the supply constraints might last.
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