Apple Loses $60 Billion In Market Cap In Two Days As Shares Fall 7%

Apple lost over $60 billion in market cap in two days after Taiwan Semiconductor, Apple’s main supplier said in an earnings update that second-quarter income would be hit by “weak demand from the mobile sector”.

It shares cut down almost seven percent on Thursday and Friday over reports of a sharper slowdown in Smartphone sales this year, Sources said.

Not just Apple, the information led to a number of global chipmakers trailing market values, as well as Analogue Devices,  Qorvo, Qualcomm and Dialog Semiconductor and

For the initial time since 2009, smartphone sales in China knock down last year while global sales fell in the fourth quarter of 2017 for the first time since 2004.

In another hinder for the iPhone maker, its hard work to get LG Display’s OLED screens for potential iPhone production line ” has hit manufacturing problems”, the Wall Street Journal reported on Friday.

Apple is supposedly divided on whether LG will be able to succeed as Samsung’s replacement for OLED displays.

The Cupertino-based company at present uses Samsung’s OLED displays for iPhone X.

The LCD panels which are at present being used in the iPhone 8 and iPhone 8 Plus are supplied by LG. Apple Watch screen is made by LG Display.

There are reports that Apple is scheming and manufacturing its own device monitors, furtively at a facility near its headquarters in California. It is said that it will toggle OLED displays for all of its iPhone launch in 2019.