Apple's Market Value Drops More Than $70 Billion

Apple's Market Value Drops More Than $70 Billion

Reports reveal that the market value of Apple has gone down by $76 billion.

Apple market values were at a peak a few days after the iPhone 5 release on September 21. The market value was above $700 then. Later, due to stricter quality constraints and the report on the recent strike of Foxconn, the production of iPhone 5 seems to have slowed down. It has been almost three weeks since the release of iPhone 5.

Apple's Market Value Drops More than $70 billion

Foxconn is Apple’s manufacturing partner in China. The company denied these claims that the laborers in one of its factories went on strike last Friday. But Foxconn’s reply via e-mail to the claim by the labor rights group, China Labor Watch, was contradictory. It said that thousands of workers went on strike at a Foxconn factory that day, bringing some iPhone 5 production lines to a stop.

Since then, Apple’s market value has gone down below $600 billion. As a result Apple has lost nearly $76 billion.

It is also reported that the smartphone, though thinner and lighter than before because of aluminium casing, has got some problems. Customers have reported failure of many quality-control features and the device is more prone to scuff marks, chips and nicks.