Apple disappointed in its quarterly earnings report released Thursday afternoon, sending its stock sliding, as the world’s largest company becomes the latest Silicon Valley behemoth to step to the plate during the crucial earnings season.
year-over-year decline since 2019 and a 5% decrease from the same timeframe last year, and tallied $30 billion in profit in the period, or $1.88 per share, an 11% decline.
That falls well short consensus analyst estimates of $121.4 billion in sales and $1.94 earnings per share, according to FactSet. Apple brought in $20.8 billion from services, such as iCloud and AppleTV+, and $96.4 billion from products during the quarter, with iPhones accounting for a majority of product revenues following the iPhone 14 launch.
The company reported $65.8 billion in iPhone sales in the quarter, an 8% decrease from the same period a year prior and short of analyst expectations.$2.4 trillion. That was Apple’s market capitalization at Thursday’s market close, by far the largest of any public company. Apple lost nearly $100 billion in market cap based in after hours trading.
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