Apple shares will fall further from September 2022 after the Q3 earnings report
Apple CEO Tim Cook listens as US President Joe Biden speaks during a roundtable with American and Indian business leaders next door in the East Room of the White House on June 23, 2023 in Washington, DC .
Anne 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 fourth company in a row.
Apple’s decline on Friday was its worst day so far in 2023, and its biggest loss since September 29 last year. The stock is up 40% so far this year.
Apple’s earnings beat soft expectations on both profit and revenue, but overall sales declined 1% as iPhone, iPad and Mac sales were marked.
The stock slipped after the company said it expected similar sales in the September quarter, although it indicated iPhone sales would do better than a 2% year-over-year decline.
The decline in Apple’s hardware was overshadowed by a strong performance in the company’s profitable services division, which grew 8% and is expected to grow even faster this quarter.