Apple’s Market Capitalization Strengthens. Technology giant Apple’s stock capitalization was observed to have jumped 2.3 percent to 193.97 at the close of Wall Street trading on Friday afternoon (30/1/2023).
The surge extended Apple’s stock rebound this week, until it succeeded in making new history with a total market capitalization of 3.05 trillion US dollars. So the highest among other technology stocks during the month, according to Refinitiv data.
Apple’s stock movement began to rebound after inflation in the global market slumped. This condition was further supported by the easing of regional isolation by the Chinese government after the recovery of the Covid-19 case.
This reason allowed Apple’s factory production to increase sharply, thus driving the movement of the company’s shares on the Wall Street market.
Before Apple’s stock soared, throughout 2022 this California-based company had experienced a setback due to falling sales of Apple’s newest mobile phone, namely the iPhone 14.
The decline also occurred in sales of Mac products, which fell 28.66 percent to 7.74 billion US dollars. Meanwhile, sales of other Apple products fell 8.3 percent to US$13.48 billion. Until Apple’s quarterly earnings could only post a profit of about 117.2 billion US dollars.
Apple CEO Tim Cook revealed that there were three factors that undermined the company’s sales results, including the strengthening of the dollar due to a spike in global market benchmark interest rates.
As well as production problems at the Chinese factory which slowed down the sales process for the iPhone 14 Pro and iPhone 14 Pro Max. Concerned that Apple’s losses are increasing, the flagship cellphone giant is forced to cut a number of employees for the first time, after the last two years, the cellphone company from Cupertino, the US adheres to the principle of not making layoffs.
Apple’s Market Capitalization Strengthens. Not only that, Apple Inc. also removed the Bitcoin White Paper crypto service from the macOS Ventura 13.4 beta 3 system. This was done to reduce operational costs in the midst of global economic turmoil.