After Apple reported a decline in the sales of iPhones this year, the company witnessed a few ups and downs in its shares and the company’s stock declined by 6.3 % recently. This declination resulted in a $40 billion reduction in Apple’s valuation. At the same time, the company has also reported its first quarterly drop in revenue in 13 years.
Tim Cook, the CEO of Apple reacted to the loss, “This too shall pass.” As far as the reaction by Mr Cook is concerned, the company is considering the current declination in the valuation to be a temporary issue. Despite the reduction in valuation, Apple still remains as the most valuable country in the world. The company is still holding the first place also because of the 5% value drop of its rival company, Alphabet. Google’s parent company Alphabet recently witnessed a 5 % reduction in value after reporting earnings.
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