Bearish
Apple's stock declines as App Store revenue drops and guidance falls short
Apple's stock has experienced a decline due to a 0.6% year-over-year decrease in App Store net revenue, marking the first annual decline in four years. Additionally, the company's fiscal third-quarter guidance of 9% to 11% revenue growth fell short of Wall Street expectations, contributing to investor concerns.
Key points
- App Store net revenue decreased by 0.6% year-over-year, the first annual decline in four years.
- Apple's fiscal third-quarter revenue growth guidance of 9% to 11% was below Wall Street's expectation of approximately 11.5%.
- Greater China revenue was $18.8 billion, missing expectations of $19.5 billion.
- Jefferies downgraded Apple to Underperform from Hold, citing supply-chain concerns and potential product cancellations.
Sources
AI-generated from public news sources. Not financial advice.
