Apple shares declined on Tuesday’s closing bell, pulling its market capitalization under $2.00 trillion for the first time since May. The iPhone maker’s stock price plummeted by 3.74% to $125.07 per share, hitting a 52-week low. It is forecasted to lose further by 0.06% on Wednesday.
It first reached a valuation of $2.00 trillion in August 2020 as the coronavirus pandemic boosted its sales for the remote setup. In January 2022, its market cap briefly spiked to $3.00 trillion.
During the previous holiday season, the tech giant struggled with iPhone 14 shipments amid the ongoing Chinese lockdown. Besides, investors are concerned about soaring interest rates and declining consumer confidence, which could hurt demand.
Based on recent statistics, the firm’s iPhone shipments plummeted by 22.00% in the December quarter. Also, it has told suppliers to create fewer components for products, including MacBook, AirPods, and Apple Watch.
An analyst said Apple is the last huge company to give up its $2.00 trillion valuation in 2022. Previously, Microsoft hit the same mark but retreated from it last year.
Meanwhile, the broader market was down on the first trading day of 2023, with the S&P 500 index declining by around 1.00%.
Battery Replacement Prices Rose for Apple Products
Apple announced to raise the costs of out-of-warranty battery replacements for iPhones, iPads, and MacBooks from March 01. This decision would affect all iPhone models preceding the iPhone 14 series with a $20.00 price increase depending on the region. Yet, AppleCare and AppleCare+ users would not be affected by the changes.
Currently, Apple charges $69.00 for battery replacement on the iPhone X to iPhone 13 series and $49.00 for older supported models. Still, the battery substitution for the iPhone 14 series will remain at $99.00. Also, iPad battery replacement will see a price rise of $20.00 for all its models except the latest one.
Likewise, MacBooks will get a cost hike for battery swaps by $30.00 for all Air models. Besides, all MacBook and MacBook Pro versions would have a $50.00 increase.
