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Apple's market cap falls below $500 billion as shares keep falling

Customers gather outside an Apple store before the release of iPhone 5 in Munich early September 21, 2012. REUTERS/Michael Dalder

Customers gather outside an Apple store before the release of iPhone 5 in Munich early September 21, 2012.

Credit: Reuters/Michael Dalder

By Angela Moon

NEW YORK | Thu Dec 6, 2012 11:00am EST

NEW YORK (Reuters) - 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.

(Reporting by Angela Moon and Rodrigo Campos; Editing by James Dalgleish)
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Comments (5)
Harry079 wrote:
Easy Come Easy Go.

Dec 06, 2012 10:53am EST  --  Report as abuse
Harry079 wrote:
You know it’s kind of ironic that Apple who chose to do it’s manufacturing in China to maximize it’s profits will be taken down a few pegs by that same country who more than likely copied it’s technology to build it’s own competing products.

I bet that was not in their business plan!

Dec 06, 2012 11:02am EST  --  Report as abuse
jabberwolf wrote:
Chinese know better – OSX is one of the least secure OSes out there, least compatible with hardware, least compatible with programs out there, least able to manage for work. Apple is just an elitist fad = more or less a toy for adults to pretend they are tech savvy.
But every fad ends – and people are finally seeing the emperor has no clothes.

Dec 06, 2012 11:50am EST  --  Report as abuse
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