US$3-trillion stock proved fleeting. Now its grip on a $2-trillion market value is looking wobbly, too.
In April, it warned that it could take a $4-billion to $8-billion hit to revenues for the current quarter KeyBanc Capital Markets sees signs of softer US demand, citing credit card data spending. Others have raised concerns about the pace of revenue growth at the company’s App Store, with Morgan Stanley adding that this poses risks to its estimates for Apple’s services business. Apple derived 18.7% of its fiscal 2021 revenue and more than 30% of gross profit from services.
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