Apple loses first time in 2021, Approximately $2 trillion market capitalisation. https://www.duzline.com

Apple loses first time in 2021, Approximately $2 trillion market capitalisation.

Apple loses first time in 2021, Approximately $2 trillion market capitalisation. https://www.duzline.com

According to a report of Apple insider Apple’s market capitalization closed below the $2 trillion threshold on Monday, after shares dropped more than 4% in intraday trading.

The Cupertino tech giant’s valuation closed at $1.96 trillion. Shares of AAPL declined 4.17% during trading Monday before reaching a closing price of $116.36. Apple’s market valuation is reached by multiplying that number by the number of outstanding shares.

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Apple was the first publicly traded U.S. company to hit a $2 trillion market capitalization back in August 2020.

The drop in Apple’s share price comes amid a broader decline among technology stocks. Since Feb. 16, the NASDAQ 100 has declined by more than 10%, according to Business Insider. Analysts believe investors are rotating out of tech stocks and into value or cyclical stocks that will benefit from the impending economic reopening.

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Apple also lost its $2 trillion valuation in September 2020. In one day, the company bled nearly $180 billion in capitalization. Since that plunge, Apple’s share price has climbed 3.14%.

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In the first quarter of 2021, Apple reported revenue above $100 billion for the first time. The company’s Q1 2021 earnings increased 21% year-over-year to a record-breaking high of $111.4 billion.

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