Apple's market capitalisation (M-Cap) or market value slipped below the $950-billion mark as shares of the iPhone maker fell, news agency Reuters reported. With that, Apple shares extended losses to a second consecutive day. Monday's fall came after Apple told its smartphone assemblers Foxconn and Pegatron to halt plans for additional production lines dedicated to the iPhone XR which hit shelves in October, Reuters reported citing a Nikkei report. Apple had introduced the iPhone XR, made of aluminum, along with two other models, the XS and XS Max, in September this year.
Last Friday, Apple shares had fallen sharply, dragging the US tech major's market value below $1 trillion after the company forecast softer-than-expected sales for the holiday quarter and fueled nerves over iPhone sales by saying it would no longer release the figures.
Apple slid 3.3 per cent on Monday, adding to the stock's near 7 per cent fall on Friday, after the Nikkei reported the company has told two smartphone assemblers to halt plans for additional production lines dedicated to the lower-cost iPhone XR, according to Reuters.
The Cupertino, California-based company has blamed weakness in emerging markets and foreign exchange costs for a disappointing forecast for sales in the run-up to Christmas that are crucial to results for consumer electronics producers.
Apple shares dipped as much as 4.5 per cent to hit an intraday low of $198.17 in early deals, from the previous close of $207.48.
At the lowest level of the day, Apple shares have registered a loss of 10.8 per cent in two days.
At 11:07 am, Apple shares traded 3 per cent lower at $201.27 apiece on the Nasdaq, underperforming a US market that was up 0.4 per cent.
(With agency inputs)
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