Apple Earnings: Stock Slides As Disappointing iPhone Sales Lead Profits To Slip

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.

The iPhone is 10 years behind Google, Samsung, and other Android phones. They haven't innovated in the mobile space for quite some time.

Disappointing to only clear 30 billion net profit 😂😂

😬😬😬😬😬🫠

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