Apple's market capitalization has dropped below the $400 billion mark in early Monday trading, according to NASDAQ data
. The company's share price is currently
below $425, which has forced the cap down with it. Apple's market cap first hit $400 billion shortly after the iPhone 4S launched in October 2011, and had cracked $500 billion by February 2012.
Market cap is a function of the number of shares a company has issued multiplied by share price. Apple stock has taken a severe beating in the past several months, owing to concerns over issues like profit margins, corporate shakeups, and whether Apple can be as original as it used to be. Still another worry is Apple's massive cash stockpile, which is now in excess of $137 billion, despite investor pleas for getting some of the money back and Apple's own talk about plans for acquisitions and supplier deals.