Since September 2022 Apple Shares Fall Most After Quarter 3 Earnings Reports Came Out
Apple shares fell 4.8% on Friday after the company released its third-quarter earnings that saw the company forecast a decline in revenue in the September quarter, which would be the company’s fourth in a row.
Apple’s decline Friday was its worst day so far in 2023, and its largest loss since largest loss in Sept last year.
The iPhone maker opened at USD 185.52 and closed at 181.99 on August 4.
Apple’s earnings beat soft expectations on both profit and revenue, but overall sales declined 1% as iPhone, iPad and Mac sales flagged.
The stock slid after the company said it expected similar sales in the September quarter, although it expected that iPhone sales would do better this year.
The decline in Apple’s hardware was covered by its strong performance in the company’s profitable services divisions, which grew 8% and is expected to grow even faster in this current quarter.