Apple shares are down about 4% today, causing the company’s valuation to fall below $2 trillion for the first time since 2021. Apple’s stock is to its lowest price since June 2021 as concerns grow over iPhone supply constraints in China and weakening demand for its products. due to continued high inflation and an impending recession.

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As the stock market experienced a broader decline, the FinancialTimes today reported that Apple has fared better than some of its peers, losing 27% of its value over the past 12 months, compared to a 33% loss for the Nasdaq Composite as a whole. Apple has posted 14 consecutive quarters of growth, but the company is estimated to report a decline of around 1% in revenue in the fourth quarter of 2022.

Apple’s manufacturing partner Foxconn has faced iPhone production constraints due to COVID-19 workplace protests and labor shortages in recent months, causing shipping delays for iPhone 14 Pro and iPhone 14 Pro Max. However, Foxconn said its main iPhone factory in Zhengzhou, China was operating at 90% of peak capacity as of Dec. 30, indicating the situation is improving.

Nikkei Asia reported on Monday that Apple had asked several suppliers to manufacture fewer components for the AirPods, Apple Watch and MacBooks in the first quarter of 2023 due to weakening demand. Shipments of all these products and the iPhone are expected to decline year-on-year in 2023, according to research this week by Jeff Pu, an analyst at Hong Kong investment firm Haitong International Securities.

Apple briefly became a $3 trillion company in January 2022 after the COVID-19 pandemic fueled strong demand for its products in 2020 and 2021. Apple products were in high demand as more people worked, were learning and connecting with others from home.

AAPL was trading at around $124.26 at the time of writing.

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