Apple stock has lost nearly $800 billion, or about a quarter of its market value, this year.
Still, Apple is well ahead of the other tech giants whose shares have plummeted this year. While Apple stock is down 24%, Meta Platforms Inc. shares have lost 64%, and Amazon com Inc. is down 47%.
Apple is the most expensive company in the world, with a market value of $2.1 trillion, so it’s not surprising that it makes more profit than any other company in the S&P 500.
Over the past five years, the company has earned $454 billion from operations. Instead of funneling those earnings into acquisitions of well-known companies, Apple has returned all that money to shareholders in the form of stock buybacks and dividends.
Confidence in Apple’s future earnings is also a factor. The company forecasts revenue growth of 2% next year, which is very good compared to competitors, Bloomberg writes.