Cheddar News takes a look back at Apple's year as the tech sector's slump has affected its share price.

Looking Back at Apple's Year as Tech Slump Hits Stock

well, as we look ahead to 2023 we're also looking back at the top business stories of the year and today we want to talk about the most valuable company in the world. That's Apple becoming the first publicly traded company to hit a $3 trillion valuation earlier this year, happened on monday january 3rd during trading when its share price at 100 and $82.86. You might recall kind of like deja vu at this point considering it happened nearly a year ago, briefly touching that milestone dropping back though under the mark shortly thereafter. So it was enough to drum up the hype that the iphone maker would keep launching some of these best selling products. And here's what Angelo Zino, senior industry analyst and vice president at C. F. R. A. Research had to say about Apple at the time when he joined at closing bell. Take a listen ultimately, you know, when you think about Apple here at first company and a trillion. First one to hit two trillion and now the first to hit three trillion. Our view here has long been um this is a company that should be measured on their free cash flow potential in their pipeline over time. And when we kind of look at the company, not only over the next kind of 12 to 18 months, but over the next decade, the opportunities are absolutely enormous for this company. So back then, Apple's success seemed to be boundless chairs, climbing around 5800% since co founder and former Ceo steve jobs unveiled the first iphone back in january of 2007, far outpacing the S and P 500 gained about 230% during the same period. Well, under Tim Cook who took over as Ceo in 2011 has sharply increased its revenue from services like video streaming and music. But Apple, like the rest of the tech sector hurt by this year's big tech selloff. So the tech heavy NASDAQ has lost almost twice as much as the broader S and P 500 year to date. As you see on your screen there. These are some of the tech stocks though, tech giants like Amazon Meta, losing more than half of their own valuations year to date. So Amazon down yeah, meta down 65. Apple faring better though, take a look down about 27% this year, but its stock did close at its lowest level since June of 2021 yesterday. So the company launching a slew of new products at its highly anticipated annual keynote event in september Ceo, Tim Cook promising there for a big upgrade over some of the previous models. Take a listen at Apple, we're fortunate to be surrounded by people who strive to innovate together to create products and experiences that enrich people's lives, products that are intuitive and easy to use that have a unique integration of hardware and software and that are incredibly personal and today we're going to make these products and these experiences even better. Well, the company unveiling its iphone 14 products, the airpods Pro two and the eighth generation of the Apple watch. But many reviewers pointing out that the iphone 14 was not really much of an upgrade over its predecessor. The 13 having the same design, screen chip set and even camera system Buyers also hit with peak wait times of over a month when buying these iPhone of 14 pro models. So this is because of a production hall that a major iPhone plan in China plan hit by a COVID-19 outbreak in October, prompting authorities to impose tough restrictions isolating staff and this in turn fueling discontent among thousands of workers who walked away from their jobs. Well later in November, the plan hit by more worker unrest after staff clashed with security personnel over bonus payment issues, Apple same production and this plan falling by 30% in those months. But despite the drop in its stock price, Apple still remains the most valuable company in the world by market cap. Today it's the only company with a market cap of over $2 trillion dollars in one of the best performing stocks of all time. Now for fiscal 2022 which ended in September the company did at $360 billion 297 billion a year ago. These are massive numbers but analysts warned that supply issues assisting at the company in the december quarter, that it expected to be muted relative to consensus expectations, so we can take a look at the stock today, see how Apple is faring again. Along with the broader market, the stock is down today, off about 3%.