AAPL market cap dips below 400B for the first time since January 2012

Apple’s market cap on Monday dropped below $400 billion in early trading.

The market cap, or Apple’s total value of issued shares, first passed $400 billion in January 2012. The company’s market cap hit a record $392.2 billion when the iPhone 4S launched in 2011, and it quickly rose to $500 billion in February 2012 and then $650 billion in September 2012, but the market cap and stock have dipped in recent months.

Apple’s stock has gradually dwindled since the iPhone 5 launched, as investors have become increasingly worried about the company’s profit margin, upcoming products and innovation, and overabundance of cash.

With Apple’s current $140 billion in cash, the effective value of Apple’s non-cash operations seems low at $260 billion. For comparison sake, Google’s market cap, including over $45 billion in cash, is now $268.44 billion.

Apple’s market cap sat at $398.8 billion at the time of this writing.