Apple temporarily lost $100 Billion from its stock market value due to late launch of iPhone

11:00:00 AM, Friday 30th of October 2020 | in technology

US-based tech-giant Apple lost $100 billion from its stock market value due to the late launch of new 5G phones. This led to the steepest quarterly drop in iPhone sales in the last couple of years. The stocks of Apple fell 5% in after-hours trade. The pandemic situation led to the delay in the launch of 5G phones by Apple. The sale of the iPhone plunged by 20.7% to $26.4 billion while sales of Macs and AirPods boomed.