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Apple shares fall most since September 2022 after Q3 earnings report

Apple shares fall most since September 2022 after Q3 earnings report
Apple shares fall most since September 2022 after Q3 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.

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