Apple (NASDAQ:AAPL) saw its shares turn red for the year on Friday, dropping 4% in intraday trading to around $108.
The tech giant, which is still the largest publicly-traded company with a market cap of $617 billion, has seen its shares fall 17% in the past month after missing Wall Street expectations on iPhone shipments and China growth concerns.
Apple “has become a one-product company,” said Angelo Zino, analyst at S&P Capital IQ, of the company’s reliance on iPhone sales. “Typically what you see around this time of year for Apple is a rally ahead of new product announcements.” Apple is rumored to be announcing a new iPhone in September.
Tech stocks in general are struggling with the Nasdaq 100 (NASDAQ:NDX) down 8% in the past month. Intuit was down 11% (NASDAQ:INTU) on Friday and Netflix (NASDAQ:NFLX) was also down 5% in intraday trading.
The tech sell-off prompted noted venture capital investor Bill Gurley to take to Twitter (NYSE:TWTR) to express his concern about tech valuations.
“Tech stocks have been getting crushed the past 6 weeks,” he wrote. “We may be nearing the end of a cycle where growth is valued more than profitability.”
Overall, the S&P 500 index, which was down 2% on Friday, is trading beneath 2000, fueled by concerns about China and the devaluation of its currency.