Apple Stock Plummets as iPhone Sales and Earnings Fall Short

February 3, 2023

Apple Inc. shares dropped sharply on Wednesday after CEO Tim Cook spooked investors with one phrase during the company’s earnings call. Cook said Apple was entering a period of “unprecedented uncertainty” due to the COVID-19 pandemic.

The tech giant reported a 5% drop in quarterly revenue, its largest decline since 2016, and missed Wall Street’s expectations for the first quarter of 2020. iPhone sales were particularly weak, falling short of expectations and cratering in China.

Apple offered “breadcrumbs” of a forecast, but analysts were not convinced that was enough to reassure investors. Moreover, questions remain over whether Apple bungled the launch of the iPhone 14.

The tech giant is not the only one feeling the effects of the COVID-19 pandemic. Many other companies have also seen their share prices drop as the global economy takes a hit.

View Full Coverage on USNN for more information on how the pandemic is impacting the tech sector.

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