What you need to know
- Apple's market capitalization dropped below $2 trillion on Tuesday.
- It is the second time the stock has done this since Apple passed the historic mark in August.
- The company's market cap at the end of Tuesday's trading was $1.96 trillion.
Reported by AppleInsider, Apple shares closed at $112.82 at the end of trading on Tuesday, causing the company's market capitalization to dip below the $2 trillion mark. That said, the company is still close - it sat at $1.96 trillion at the end of trading for the day.
The sub-$2 trillion valuation comes just a few days after Apple recovered from a similar plunge on Sept. 3. During a widespread tech industry sell-off, Apple bled nearly $180 billion in market capitalization — the worst one-day loss for any company ever. AAPL's closing price of $112.82 results in a market valuation of $1.96 trillion. That's reached by multiplying the share price by the number of outstanding shares.
Last month, Apple became the first U.S. company to hit a $2 trillion market cap. Since then, the company's share price has dropped 2.5% and has fluctuated underneath that historic mark twice.
The company just recently completed its four to one stock-split as well, in which it gave each shareholder three additional shares for what was previously held. Each, of course, was now valued at a quarter of what it was before the split.
Apple is expected to announce a slew of new devices this fall, so any reasonable person can assume that the company will pass the $2 trillion mark again.