Shares of Apple, a bellwether for the technology sector, dipped into a bear market on Wednesday as the decline from its recent all-time high briefly totaled more than 20 percent.
Apple, which fell more than 2.5 percent Wednesday, closed at $186.80 per share. The shares finished 19.99 percent off their record high of $233.47, clinched on Oct. 3; Apple's value has dropped to about $886 billion from $1.13 trillion at those October highs.
Investors have grown concerned that the Cupertino, California-based company, renowned for years of innovative technology, will suffer declines in iPhone unit sales over the next couple of years.
Apple began the month by reporting that iPhone shipments missed Wall Street expectations for the quarter and said that it will no longer report how many iPhones it sells, a move some took as a tacit sign that the company's largest segment by revenue may be set for weaker growth.