Apple shares fall most since Sept. 2022 after third quarter earnings report
Summary
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. Apples decline on Friday was its worst day so far in 2023, and its largest loss since Sept. 29 last year. Apples 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 Apples hardware overshadowed strong performance in the companys profitable services division, which grew 8% and is expected to grow even faster in the current quarter.
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