Technology
Apple shares fall most since Sept. 2022 after third quarter earnings report
Apple CEO Tim Cook listens as U.S. President Joe Biden speaks during a roundtable with American and Indian business leaders alongside in the East Room of the White House on June 23, 2023 in Washington, DC.
Anna Moneymaker | Getty Images
Apple shares fell 4.8% on Friday, the day after the company shared its fiscal third quarter earnings report 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 on Friday was its worst day so far in 2023, and its largest loss since Sept. 29 last year. The stock is up 40% so far this year.
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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 that it expected similar sales in the September quarter, although it signaled that iPhone sales would do better than a 2% year-over-year decline.
The declines in Apple’s hardware overshadowed strong performance in the company’s profitable services division, which grew 8% and is expected to grow even faster in the current quarter.