Apple holiday forecast misses expectations, shares slip

📆 11/2/2023 11:12 PM
📰 ChannelNewsAsia

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:Apple on Thursday gave a sales forecast for the holiday quarter that missed Wall Street expectations, hurt by weak demand for iPads and wearables, sending its shares down about 3 per cent in after-hours trading.

People stand outside an Apple Store as Apple's new iPhone 15 officially goes on sale across China, in Shanghai, China September 22, 2023. REUTERS/Aly Song

Apple shares, which have risen 37 per cent so far this year, dropped 2.8 per cent after-hours, following the forecast. Cook said the company's new high-end handset models - the iPhone 15 Pro and Pro Max devices - are facing supply constraints. Apple is facing tougher competition in the smartphone market this year as Huawei Technologies returns to the field with new phones powered by Chinese-made chips after being all but shut out of the market for several years by U.S. government trade curbs.

For now, the iPhone remains Apple's biggest seller. Sales of the device were $43.81 billion in the fourth quarter, in line with analyst expectations, according to LSEG data.

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Apple holiday forecast misses expectations, shares sinkApple on Thursday (Nov 2) gave a sales forecast for the holiday quarter that missed Wall Street expectations, hurt by weak demand for iPads and wearables, sending its shares down 3.5 per cent in after-hours trading.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »