Apple stock opened today at $146.85 and continues its downward trend, with shares currently trading below the $143 mark during today’s session. Apple shares have fallen about 20% since closing at $178.44 on April 4.
The stock market has experienced a broader decline since early April, with the S&P 500 down about 13% and the Dow down about 8.5% over the period. Other tech companies are in a similar position, with shares of Google parent Alphabet and Microsoft down about 20% since early April.
Apple has been financially successful during the COVID-19 pandemic, and the company recently created a new March quarter revenue hits record $97.3 billionHowever, on its earnings call last month, Apple said supply constraints caused by COVID-related disruptions and an industry-wide silicon shortage are affecting the company’s ability to meet customer demand, leading to forecast shipments of devices such as the MacBook Pro. Overestimated.
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