Apple is having a hard time. Earlier reports by Sputnik revealed that the company's market value fell some 7 percent after a pessimistic report regarding sales in China, where the company has been ostracized over the arrest of Huawei top financial officer by the US. However, a Friday report by Business Insider provided us with a longer perspective. And it does not look good.
Back in October, Apple's shares cost $232.07 each, making its total market cap a whopping $1.12 trillion. At that time, Apple was the most valuable company in the world.
For comparison, this is more than Facebook is worth right now. BI notes that this sum is also more than gross domestic products of countries like Iran, Austria and Norway.
This Thursday, Apple's market cap was $674.75.
Right now, Apple is the fourth most valuable company in the world, superseded by Microsoft, Amazon and Google, according to The National.
Apple's report on China revenues was the latest blow to the Cupertino, California, tech giant. In China, Apple is being boycotted after Canada arrested Chinese company Huawei's chief financial officer at the request of the United States. As a protest, some Chinese companies offered their workers significant subsidies for the purchase of Huawei products, while others openly warned against buying Apple products.
Considering China contributed to 18 percent of Apple's overall revenues, according to The National, China's boycott hit the company hard, and there is no telling right now when Apple's downward slide will end.