Technology
Apple shares fall most since September 2022 after third-quarter earnings report
Apple CEO Tim Cook listens as President Joe Biden speaks during a roundtable with American and Indian business leaders in the East Room of the White House in Washington, D.C., June 23, 2023.
Anna Moneymaker | Getty Images
Apple shares fell 4.8% 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 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 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.