Apple Shares Plunge – Biggest Drop Since Sept. 2022

Apple shares suffered a 4.8% drop on Friday, following the release of the company’s fiscal third-quarter earnings report. The report indicated a projected decline in revenue for the upcoming September quarter, making it the fourth consecutive quarter with declining revenues.

Friday’s decline marked the worst day for Apple’s stock in 2023 and the largest loss since September 29 of the previous year. However, it is worth noting that the stock had surged by 40% earlier in the year.

While Apple’s earnings surpassed expectations for profit and revenue, overall sales dipped by 1%, attributed to sluggish iPhone, iPad, and Mac sales.

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Apple’s forecast of similar sales performance in the September quarter, while indicating a relatively better performance for iPhone sales compared to the previous year with an expected 2% year-over-year decline, further fueled the stock’s downward trend.

Despite the hardware challenges, Apple’s services division displayed impressive growth, increasing by 8%. Moreover, the company foresees even faster growth in the current quarter for its profitable services division.

Apple shares plunged sharply, experiencing their most significant drop since September 2022. The sudden decline has raised concerns among investors about the company’s performance and future prospects. Analysts are closely monitoring Apple’s next moves to assess if this is a temporary setback or a sign of deeper issues affecting the tech giant.