Apple loses $60 billion, blames weak demand for phones

Taiwan Semiconductor, which is Apple’s biggest supplier stated that revenues in the second quarter of the year would be affected by weak demand for phones. This statement has led to a loss of $60 billion in market capital by Apple, who saw a 7% drop in shares. Companies such as Qualcomm, Qorvo and Analogue Devices too lost market value. Global sales for smartphones fell for the first time in 2017 since 2004.