Apple CEO Tim Cook engages in discussions with members of the media at a viewing area for the unveiling of new products during Apple’s Worldwide Developers Conference (WWDC) held at the Apple Park campus in Cupertino, California on June 5, 2023.
Jos Edelson | AFP | Getty Images
Shares of Apple dipped 3% on Friday morning following the release of the company’s third quarter earnings report, which showed a decline in year-over-year revenue for its flagship products.
Apple reported a decrease in revenue for its iPhone, Mac, and iPad lines compared to the previous year. Overall sales also dropped by 1% year over year.
However, Apple exceeded expectations on earnings per share, with a reported value of $1.26 compared to the anticipated $1.19 by analysts from Refinitiv. The company’s revenue also slightly surpassed estimates, hitting $81.8 billion instead of the expected $81.69 billion.
During the company’s earnings call on Thursday, Apple’s stock experienced a decline when CFO Luca Maestri informed analysts that they anticipate similar sales results in the upcoming quarter. Nevertheless, Maestri expressed optimism in the performance of iPhone sales, expecting an improvement from the 2% decline in the June quarter, and also projected a higher growth rate for Apple’s services division in the subsequent quarter.
-CNBC’s Kif Leswing contributed to this report.
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