It’s been a challenging year on a number of levels and major tech hasn’t been immune. Over the last twelve months, more than $3 trillion in value has been shed by the top seven US tech companies. While all have lost billions, Google’s Alphabet and Microsoft have taken the most damage with 20x the losses that Apple has seen.
Apple was the least affected over the last year with a loss just over $34 billion. While that’s still a sizable loss, in context, that’s 20x smaller than what Alphabet and Microsoft have experienced.
To put that in perspective, Apple’s market cap only shrunk from $2.44 trillion to $2.40 trillion. But Microsoft went from $2.42 trillion to $1.73 trillion.
A staggering $3 trillion in combined market cap has been lost in one year from just 7 companies. @HumOnTheMarkets reports. https://t.co/2eBE6QLp8B pic.twitter.com/qfaAg5Ooyb
— CNBC (@CNBC) October 27, 2022
The biggest loss by percentage of market cap was Meta. It suffered an almost 70% decline over the last year with its market cap diving from $868 billion to $280 billion – the lowest level since 2016.
A $34 billion loss for Apple is obviously contrary to its goal. But when looking at the bigger picture of the macroeconomic environment, its market cap, and how its competitors did, Apple performing 20x better than Alphabet and Microsoft in the same time period is very impressive.
This highlights how resilient Apple’s business is and that even in challenging economic times, customers see the company’s products and services as necessary purchases.
One thing to keep in mind, Apple hasn’t shared its latest quarterly earnings like the other major tech giants which lost another sizable chunk of value just yesterday. But so far, early expectations are for Apple to have performed well in the previous quarter.
- Analysts expect growth in AAPL Q4 2022 earnings report; holiday quarter concerns
