Apple tumbled after it disappointed Wall Street with a forecast that indicated growth would stay subdued in the quarter where the holiday season usually drives its most robust sales. The world’s most valuable firm was set to lose more than $80 billion in market value, based on its premarket share price of $172. Its shares have rallied nearly 40% this year.

The tech giant reported quarterly earnings on Thursday that topped estimates. Still, its forecast sent shares down, stoking concerns about the impact of a slowing global economy on consumer demand for new phones and other gadgets. Its revenue slipped 1% to $89.5 billion.

Chief executive Tim Cook said the company expects flat growth in the fourth quarter, the heaviest period of the year for Apple’s business. He also warned that weakening sales in China, the biggest smartphone seller in the world, could hurt sales in the crucial holiday quarter.

He cited declining Mac and iPad sales, currency fluctuations, and fewer iPhone upgrades than expected. But he insisted that sales in mainland China, which accounts for 20% of the company’s sales, rose even as other local competitors such as Huawei gained ground.

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The company’s services division, which includes music and video streaming, warranty programs, and fees collected through the iPhone app store, helped to boost earnings. However, the decline in other product segments will likely mean that overall growth will remain subdued.

Investors also worried about a warning from a research firm that said the United States’ economic recovery is slowing, and consumers may buy fewer iPhones than expected this holiday season. The firm is scheduled to report its holiday-quarter results on Jan. 26.

There are many theories about the origins of the name “Apple.” But most agree that Jobs and his co-founder Steve Wozniak were inspired by a quote from Alan Turing, the British mathematician who died after biting into an apple laced with cyanide.

For nearly four decades, Apple has pushed the boundaries of technology to become one of the world’s most valuable companies. The Cupertino, California-based company’s innovations — including the Apple II computer, iPod, iPhone, and iPad — have inspired countless copycat products. The company now is worth nearly $3 trillion, and that milestone is another sign of Apple’s enduring relevance in the digital age. — Patrick Seitz contributed to this article. Follow him on Twitter at @IBD_PSeitz. This story originally appeared on IBD Stock Checkup. Copyright 2023 IBD Media Inc. All rights reserved. Reproduction without permission is prohibited. IBD’s Stock Checkup is your source for independent research and opinions on top-performing stocks. It combines five separate proprietary ratings into one easy-to-use resource. To learn more, click here. IBD’s Research team prepared this article. The information contained herein is based on sources that have been independently verified, but we do not represent that it is accurate or complete. As such, it should not be relied upon as legal or investment advice. Neither IBD nor its affiliates assume responsibility for any losses or damages caused by the use of this material.