Apple’s share price fell after disappointing quarterly earnings results released Thursday afternoon.
Apple made $117.2 in revenue in the three months ended Dec. 25, its first year-over-year decline since 2019 and a 5% decline from the same period last year. That’s an 11% drop per share.
That falls well short of consensus analyst estimates of $121.4 billion in revenue and $1.94 earnings per share, according to FactSet.
Apple brought in $20.8 billion from services like iCloud and AppleTV+ and $6.4 from products during the quarter. After the launch of iPhone 14, the iPhone has dominated the product revenue.
The company reported fourth-quarter iPhone sales of $65.8 billion, down 8% from the year-ago quarter and below analyst expectations.
Apple shares fell about 4% in after-hours trading.
$2.4 trillion. That was his Apple market capitalization at the market close on Thursday, which was by far the largest among publicly traded companies. Apple lost about $100 billion in market cap based on after-hours trading.
Apple stock had its worst year since 2008 last year. The global economy fell 27% on him, outperforming the tech-heavy Nasdaq but well below the Dow Jones Industrial Average and his S&P 500. In the 12 months to September 2022, he increased by 5.4%, while his 12-month growth rate prior to that was 65%. Much of the slowdown is due to iPhone 14 demand falling short of investor expectations and his Covid-related production problems in China weighing on supply. Bank of America analyst Wamsi Mohan said Apple’s stock could be “half the story in 2023,” in a note to clients previewing the results. writing. Mixed reality headsets later this year.
Apple cut CEO Tim Cook’s compensation package by more than 40% this year, lowering his target compensation to $49 million, paying him $9 million in salary and bonuses and $40 million in stock compensation. rice field.Cook is worth $1.8 billion, according to forbes‘Latest quote.
Fellow tech giants Alphabet and Amazon also reported earnings after Thursday’s bell. Shares of Google’s parent company and the commerce giant fell after their respective companies posted lagging quarterly earnings. Facebook’s parent company Meta posted its second-highest daily share price gain in history on Wednesday after revealing its own quarterly results, making CEO Mark Zuckerberg as wealthy as he is $12 billion. bottom.
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