Apple's Market Cap Plummets $426 Billion After Strong Q3 Results

Apple's market capitalization plummeted by $426 billion over two days in July after the tech giant reported its best third quarter in five years.

The 16.4% year-over-year growth in net sales, driven largely by a 21.7% increase in iPhone sales and an 18.1% overall rise in product sales, failed to impress Wall Street investors.

Despite the strong results, Apple's stock fell 7.4% on July 31, with some analysts attributing the decline to price increases announced by the company in June due to 'a 100-year flood' of memory pricing costs.

Cook stated that the price elasticity of iPad and Mac products is too early to determine, but Apple's weak guidance for Q4 fiscal 2026 suggests some demand may have been pulled forward or the company is cautious about consumer demand heading into the iPhone 18 Pro launch in September.