Why Apple Stock Is Losing Flavor Premarket Today
Portfolio Pulse from Shanthi Rexaline
Apple Inc.'s shares traded down in premarket trading due to softer Q3 hardware product sales and disappointing Q4 guidance. Despite beating earnings estimates, iPhone sales fell short of consensus forecasts. However, Apple's Services business and Mac sales exceeded expectations. The company expects similar YoY revenue growth for Q4 as Q3, which saw a 1.4% YoY decline. Apple also anticipates YoY performances of the iPhone and Services segment to accelerate, while Mac and iPad revenue will likely decline.
August 04, 2023 | 2:56 pm
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NEGATIVE IMPACT
Apple's shares traded down due to softer Q3 hardware sales and disappointing Q4 guidance. Despite this, the Services business and Mac sales exceeded expectations.
Apple's shares traded down due to softer Q3 hardware sales and disappointing Q4 guidance. This indicates a negative short-term impact on the stock. However, the Services business and Mac sales exceeded expectations, which could potentially offset some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100