Apple's earnings top analysts' forecasts, but year-over-year sales drop for third straight quarter

📆 8/3/2023 11:40 PM
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Apple’s eked out a slightly higher profit last quarter even though sales dipped during the period, a time during which the iPhone maker became the first publicly held U.S. company in to be valued at $3 trillion.

This is an Apple store in Pittsburgh on Monday, Jan. 30, 2023. Apple reports earnings on Thursday, Aug. 3.

If the shares behave similarly during Friday's regular trading session, it will push Apple's market value below the $3 trillion threshold it eclipsed in late June. The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.

Investors have remained upbeat about Apple’s prospects despite the company’s modest sales erosion, largely because its results have been less wobbly than other major technology companies that suffered steeper slides coming out of pandemic. Several stalwarts in the sector have announced mass layoffs. Improving industry conditions have helped lift the tech-driven Nasdaq composite index by 33% so far this year.court rulings

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