Apple's market cap falls below $500 billion as shares keep falling

NEW YORK Thu Dec 6, 2012 8:50pm IST

Holiday shoppers walk past the Apple Store during Black Friday in San Francisco, California, November 23, 2012. REUTERS/Stephen Lam

Holiday shoppers walk past the Apple Store during Black Friday in San Francisco, California, November 23, 2012.

Credit: Reuters/Stephen Lam

Related Topics

Stocks

   

NEW YORK (Reuters) - Apple's market capitalization fell below $500 billion on Thursday as shares of the world's most valuable listed company continued to slide after suffering their worst one-day decline in nearly four years.

Shares of Apple Inc (AAPL.O) fell to as low as $518.63 on Thursday, declining nearly 10 percent for the week. But for the year, the stock is still up more than 30 percent. At its peak in September the stock was worth $705.07.

Earlier in the day, research firm IDC said Apple's rank in China's smartphone market, which is set to become the world's largest this year, fell to No.6 in the third quarter as it faced tough competition from Chinese brands.

IDC's announcement comes a day after Apple's shares fell more than 6 percent on the Nasdaq, logging its biggest single-day loss in four years and losing $35 billion of its value, on concerns about rivals gaining ground in the mobile devices market.

(Reporting by Angela Moon and Rodrigo Campos; Editing by James Dalgleish)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-WTO Row

REUTERS SHOWCASE

Market Eye

Market Eye

Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points  Full Article 

Factory Activity

Factory Activity

Factories post fastest growth for 17 months in July  Full Article 

Paying for Bail

Paying for Bail

Jailed Subrata Roy gets office to negotiate hotel sales.  Full Article 

Rupee Dips

Rupee Dips

Rupee posts biggest weekly loss since record lows in August.  Full Article 

Reviving Infosys

Reviving Infosys

CEO Sikka says to improve business with new growth avenues  Full Article 

Outlook Slashed

Outlook Slashed

ArcelorMittal cuts outlook as ore prices hit mining  Full Article 

Re-gaining Momentum

Re-gaining Momentum

China, Asian factory growth gathers pace; Europe falters  Full Article 

Factory Lockout

Factory Lockout

Pfizer says threats to managers force staff lockout at Mumbai factory .  Full Article 

Gold Smuggling

Gold Smuggling

In cat-and-mouse game, India uncovers new gold smuggling route.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage