Apple Loses $100 Billion in Market Cap After Barclays Downgrade

The downgrade was triggered owing to softening demand for iPhones, which saw net sales decline in fiscal year 2023.

A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York on April 14, 2023. Mike Segar/Reuters

Apple’s market cap declined by over $100 billion on Tuesday after Barclays downgraded the company’s stock amid concerns over “weakness” in iPhone sales volumes.

Barclays downgraded Apple from an “equal weight” to an “underweight” rating, pointing to lackluster iPhone 15 sales, specifically in China.