Why Is Apple Stock Sliding Nearly 3% Premarket Amid Tech Surge?
Portfolio Pulse from Shanthi Rexaline
Apple, Inc. (AAPL) reported fiscal year 2024 first-quarter earnings with a mixed outcome, leading to a nearly 3% drop in premarket trading despite surpassing consensus estimates. The company faced challenges in China with a 12.9% revenue decline and issued soft guidance for the March quarter, impacting investor sentiment.
February 02, 2024 | 12:39 pm
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Apple's mixed Q1 FY2024 earnings report and challenges in China, along with soft guidance for the March quarter, led to a premarket stock price decline of nearly 3%.
Despite exceeding consensus estimates, Apple's stock price declined due to concerns over its performance in China and soft guidance for the upcoming quarter. The significant revenue drop in China and the cautious outlook for the March quarter have likely contributed to negative investor sentiment in the short term.
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