Apple is expected to fall to its lowest market cap since 2013 after the market’s latest sell-off, according to market watchers.
The tech giant is forecast to fall from $1.1 trillion to $950 billion on Wednesday, according the market tracker IGDA.
The market has been volatile since Apple’s first quarterly earnings report on Thursday, and its stock price is down nearly 50 percent in the past 24 hours.
The company has been forced to spend $1 billion on a new headquarters in Mexico, and it is now working on a $1 trillion restructuring plan for its cash and cash equivalents.
Apple CEO Tim Cook has repeatedly stated that the company has a plan to turn the fortunes around, and the company will announce its plan tomorrow.
Apple’s share price has been trending in the upper-middle range, though it is still trading at a premium to the S&P 500.
Apple has lost more than $1 million on the market over the past month.