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Wednesday, February 21, 2024

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    Apple shares tumble 4% as iPhone, Mac, and iPad sales slump.

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    Apple’s shares dropped more than 4% on Friday after the US multinational technology corporation reported a drop in iPhone, Mac, and iPad sales during the second quarter of this year.

    Apple’s stock price fell to as low as $183.25 a share on the Nasdaq around 10:50 a.m. EDT, representing a 4.1% daily loss after completing the previous day’s session at $191.17 a share.

    At 11:37 a.m. EDT, shares were trading at $185.18, a 3.1% decrease.

    According to Apple’s financial results statement issued late Thursday, iPhone sales fell over 2.5% to $39.6 billion in the April-June quarter this year, down from $40.6 billion in the same period last year.

    Mac sales fell 8.1% to $6.8 billion, down from $7.4 billion, while iPad sales fell 19.4% to $5.8 billion, down from $7.2 billion.

    Services, on the other hand, totaled $21.2 billion for the three months ended June 1, an increase of 8.2% from $19.6 billion in the same period the previous year.

    Apple CEO Tim Cook stated that the company’s services revenue set an all-time high during the quarter, thanks to over one billion paid subscriptions.

    Amazon, on the other hand, saw its stock price rise 11.4% to $143.63 at 11:40 a.m. EDT, after finishing the previous session at $128.91 a share.

    According to financial data revealed late Thursday, the US-based global e-commerce giant made a net income of more than $6.7 billion in the April-June quarter this year, after having a net loss of more than $2 billion in the same period previous year.

    Net sales increased 11% to $134.4 billion in the three months ending June 30 from $121.2 billion in the same time last year. During that time, operating income more than quadrupled to $7.7 billion, up from $3.3 billion.

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