Apple sheds £80bn in value in two months

Apple’s valuation has dropped by £80 billion in just two months.

As reported by MCV, the overall valuation of the world’s richest firm has dropped 20 per cent since the iPhone 5 was launched.

On September 21st, the company was worth approximately $660 billion, but this has now dropped to $530bn.

This is despite selling a hugely impressive five million iPhone 5’s in its opening weekend, which also shattered the number of pre-orders made for the iPhone 4S, as well as selling more than three million iPad Mini’s and iPad 4’s in the opening weekend.

It is unclear why shares in the company have fallen so far, although the increased competition from the likes of Google and Samsung are likely to be factors.

In August, Samsung’s Galaxy S III overtook the iPhone 4S as the top selling smartphone in the US, whilst Google has also made inroads on the App Store, accruing more than 675,000 apps and games on Google Play, and surpassing 25 billion downloads.