Apple Lost $430 Billion In Market Value Due To iPhone 12’s Poor Sales

The iPhone 12, Apple’s newest iPhone, has surely created a ripple. Although people do love that Apple bringing back the flat design of the iPhone 4, some were disappointed with the delay in the new device’s launch, the pricing, and the omission of earphones and charging brick.

All these decisions have wiped away $430 billion from Apple’s market cap. The market capitalization of the Cupertino giant on October 30 was around $1,862 trillion with a $108.86 share price. On September 1, just one month ago, the figure used to be $2,295 trillion with a $134.18 share price. Apple experienced a 19% drop.

Bloomberg also reported that the iPhone sales didn’t reach the estimates set out by the analysts. Also, they did not forecast the upcoming holiday seasons.

One of the major reasons for this drop is the iPhone’s delayed launch. The sales of iPhones were off by 20% year over year. The drop was also seen in China’s sale numbers.

However, Tim Cook says that Mac and Apple Services saw a quite positive fourth quarter despite the impacts of the COVID-19 pandemic.

He added that the consumers’ response to all of the company’s new products with its 5G-enabled iPhone lineup had been extremely positive.

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