Apple Suffers A Record One-Day Plunge In Market Cap

The company’s market capitalization lost $180 billion, though the iPhone maker is still valued above $2 trillion.

After becoming one of the first companies to surpass a $2 trillion market capitalization just weeks ago, Apple now reportedly has a less-envious market cap achievement: the largest one-day decline of all time.

The record drop was set by Apple Thursday as the company’s market cap shed nearly $180 billion. Apple’s stock price dropped 8 percent, to $120.88 a share.

[Related: Apple Becomes A $2 Trillion Company As Strong Sales Buck The Pandemic]

CNBC reported that it was Apple’s worst one-day share decline since March 20, when the Cupertino, Calif.-based company fell about 6.4 percent.

However, Apple’s share price has gained considerably since then, with tech stocks rallying in recent weeks—and Apple, in particular, surging amid moves such as a stock split and unexpectedly strong performance in its latest quarter. Overall revenue for the iPhone maker’s fiscal third quarter, ended June 27, reached $59.69 billion—rising 11 percent from the same period a year earlier and crushing the Wall Street analyst consensus estimate of $52.25 billion.

The recent share price growth thus made the hit to Apple’s market cap Thursday far more severe than any previous drops. Seeking Alpha reported that Apple’s market cap decline set a new record by surpassing Volkswagen’s one-day drop of $143 billion in 2008.

Still, at the close, Apple’s market cap remained above the $2 trillion mark at $2.067 trillion. That’s up from $1.1 trillion at the end of March and $1.56 trillion at the end of June.

Apple was far from alone among major tech companies in losing stock price ground Thursday. Microsoft shares plummeted 6.2 percent to $217.30 a share, Google dropped 5 percent to $1,641 a share and Amazon’s stock price fell 4.6 percent to $3,368 a share. The Dow lost 800 points, or 2.78 percent for the day.