After becoming the world's first company to be valued at $1 trillion on August 2, a market dip on November 1 saw Apple's value drop to $205.16 a share, taking it below the $207.05 peak which saw it earn the title.
The iPhone maker's stock price fell by as much as 7.7% in overnight trading following the release of its fourth-quarter results.
Despite the drop in stock value the company posted record-breaking results that exceeded projected revenues, reaching $62.9bn for 3Q, meaning that, despite the loss of overall value, the company is up 20% from the same time last year. For comparison, when the company was first valued at $1 trillion, its revenue was just $53.3bn.
Apple CEO Tim Cook said in a statement accompanying the results that he was "thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our 2 billionth iOS device, celebrated the 10th anniversary of the App Store and achieved the strongest revenue and earnings in Apple's history".
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The decline in stock price is possibly due to Cook's accompanying warnings that sales for 4Q18, the crucial holiday quarter, would likely fall short of Wall Street predictions. Cook said that the company is "seeing some macroeconomic weakness in some of the emerging markets," later noting that these weak markets included Brazil, India, Russia and Turkey.
Apple is not alone in its disappointing finances, as The Financial Times reported that "as of the New York closing bell on November 1, seven of the 10 biggest and most popular tech stocks that make up the NYSE Fang+ index — including Amazon, Facebook, Netflix and Alibaba — are in bear markets even after Wall Street's fizzy three-day rally this week. That means they are still down more than 20% from their record highs this year".
Earlier this week, Amazon, one of Apple's main competitors and the second company to join the trillion-dollar club, reported a $250bn loss in the eight weeks since reaching the milestone.