Apple shares fall most since September 2022 after third-quarter earnings report

by admin August 4, 2023 0

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’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.