Apple's market capitalization fell below $500 billion on Thursday as
shares of the world's most valuable listed company continued to slide
after suffering their worst one-day decline in nearly four years.
Shares
of Apple Inc fell to as low as $518.63 on Thursday, declining nearly 10
percent for the week. But for the year, the stock is still up more than
30 percent. At its peak in September the stock was worth $705.07.
Earlier in the day, research firm IDC said Apple's rank in China's smartphone market, which is set to become the world's largest this year, fell to No.6 in the third quarter as it faced tough competition from Chinese brands.
IDC's announcement comes a day after Apple's shares fell more than 6 percent on the Nasdaq, logging its biggest single-day loss in four years and losing $35 billion of its value, on concerns about rivals gaining ground in the mobile devices market.
© Thomson Reuters 2012
Earlier in the day, research firm IDC said Apple's rank in China's smartphone market, which is set to become the world's largest this year, fell to No.6 in the third quarter as it faced tough competition from Chinese brands.
IDC's announcement comes a day after Apple's shares fell more than 6 percent on the Nasdaq, logging its biggest single-day loss in four years and losing $35 billion of its value, on concerns about rivals gaining ground in the mobile devices market.
© Thomson Reuters 2012
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