Apple falls 2% as it posts 3rd straight quarter of year-on-year revenue declines – CNBC
Shares of Apple are down about 1 percent over the past year, but up nearly 20 percent in the past 3 months. As the main source of the company’s revenue, iPhone sales are known to move the company’s stock even more than earnings.
Apple’s biggest stock pop after an earnings beat was from April 2012, on much stronger-than-expected iPhone sales, and Apple gained 8.9 percent the next day, according to Kensho data. Apple’s biggest stock drop after an earnings and revenue beat was from January 2013 when iPhone sales missed expectations and the stock fell nearly 12.4 percent, according to Kensho.
It comes on the heels of the company’s latest phone, iPhone 7, which investors hope will turn around sliding iPhone sales in the holiday season.
The new iPhone has been promoted aggressively by wireless carriers, amid a massive recall of rival high-end phone, the Samsung Galaxy Note 7, over safety concerns. Google, maker of rival operating system Android, has also released a new Pixel phone in time for the holidays.
Apple is also holding a press event on Oct. 27, where industry blogs expect it will reveal new Macs.
“It’s going to be interesting: The next 6 to 12 months are pivotal for the industry,” said Dan Ives, senior vice president of finance and corporate development at Synchronoss Technologies, a mobile cloud services platform. “It speaks what type of pent up demand there is. Does Google become a player? Will Samsung get back on track? I think it’s almost like a game of high stakes poker. You want to see where everyone’s cards stand.”
This is breaking news. Please check back for updates.
— Reporting by CNBC’s Gina Francolla
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