The week that just ended was quite eventful for Apple Inc. (NASDAQ:AAPL). The company reported record-breaking numbers in its third-quarter earnings, but the stock took a hit due to the future outlook. Here’s a quick recap of the week’s top Apple stories.
Apple Stock Slump Could Just Be a Blip
Despite the stock falling on Friday, Gene Munster believes that the outlook for Apple is not as bleak as it seems. The company reported a double beat in the third quarter, including record iPhone revenue. Munster stated in a blog post that the September outlook was not as grim as it appeared.
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Steve Jobs Once Told Bill Gates Microsoft Had ‘Absolutely no Taste’
In a 1995 interview, Steve Jobs compared Microsoft (NASDAQ:MSFT) to fast-food giant McDonald’s Corp. (NYSE:MCD), stating that the company lacked originality and prioritized business over user experience. Jobs’ comments were met with criticism from Microsoft’s co-founder Bill Gates, who defended the company’s success.
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Apple Just Flagged a Headwind That Could Hit iPhone, Mac and iPad All at Once
Despite Apple’s third-quarter revenues growing 16% year-on-year to $109 billion, the company’s earnings of $2.02 per share were impacted by a headwind. This headwind, as noted by Rosenblatt Securities, could affect iPhone, Mac, and iPad sales.
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Apple’S Worst Day Since March 2020
Despite setting revenue records in every geographic segment and beating Wall Street estimates, Apple saw its deepest intraday drop since March 2020. The stock fell 9.7% during Friday’s morning trading, resulting in a $475 billion loss in market capitalization.
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Apple’s Services Slowdown Has a Weird Culprit: No F1 Movie This Year
Apple’s Services revenue for the fiscal third quarter, ending Jun. 27, hit a June-quarter record of $30.7 billion, marking a 12% year-over-year increase. However, this growth was a significant deceleration from the 16% growth in the previous quarter, attributed to the absence of a comparable theatrical release.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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