The price of Apple's stock has continued its decline. The company's market capitalization has dropped more than $200 billion this year.
TIME reported that Apple's shares have dropped below $90 on Thursday. This is the first time since 2014 and has raised concerns over the slow demand ahead of the iPhone 7 release date later this year.
Apple stock fell as low as $89.47. It recovered slightly to $90.13, at a 2.55 percent loss.
"People are getting negative data points about component orders and production forecasts, and the features on the new iPhone do not seem to be a big change from the 6S," Rosenblatt Securities analyst Jun Zhang said. Apple has temporarily relinquished its position as the world's largest company in terms of market capitalization to Alphabet Inc.
Currently, Apple's market value is at $494 billion. Alphabet, Google's mother company, is about $457 billion.
According to Money Morning, Apple's stock is currently on sale. However, it seems that no one wants to buy shares of the tech company.
"To the financial press right now, Apple stock is a pure falling knife," the publication's Director of Technology & Venture Capital, Michael A. Robinson, said. "Remember, these are the same 'minds' who never saw the financial crisis coming and who only recently got around to downgrading Exxon Mobil Corp. after oil's rebound."
Apparently, Apple success may have backfired. While the iPhone 6 models did well on the market, it may have also set the bar too high for the company.
Business Insider noted that it is unclear whether Apple can create another hit. The company can still boast of its profits and revenues but it has stopped growing.
It was previously reported that the iPhone production has been reduced for another quarter. The April-June period will continue to see a decline in the manufacturing of the devices. The company has announced to its parts suppliers in Japan and other locations that it will retain the reduced amount of output in the current quarter.