Apple dethroned as world's biggest company
Published 13/05/2016 | 02:30
Shares of Apple dropped below $90 yesterday for the first time since 2014 as Wall Street worried about slow demand ahead of the anticipated launch of a new iPhone later this year.
Apple fell to as low as $89.47 before recovering slightly to $90.13, a 2.55pc loss.
Component suppliers in Taiwan will receive fewer orders from Apple in the second half of 2016 than in the same period last year, the Nikkei Asia Review reported yesterday, citing sources.
Apple typically launches its high-end phones in September.
The share drop meant Apple briefly relinquished its position as the world's largest company by market capitalisation to Google owner Alphabet
"People are getting negative data points about component orders and production forecasts, and the features on the new iPhone do not seem to be a big change from the 6S," said Rosenblatt Securities analyst Jun Zhang.
Apple's market value is about $494bn, while Alphabet's is about $457bn, but over the past year, Apple has fallen more than $200bn. (Reuters)