Apple shares fall most since September 2022 after third-quarter earnings report

Apple shares fell 4.8% on Friday, the day after the company shared its fiscal third quarter earnings report that saw the company forecast a decline in revenue in the September quarter, which would be the company’s fourth in a row.

Apple’s decline on Friday was its worst day so far in 2023, and its largest loss since Sept. 29 last year. The stock is up 40% so far this year.

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Apple’s earnings beat soft expectations on both profit and revenue, but overall sales declined 1% as iPhone, iPad, and Mac sales flagged.

The stock slid after the company said that it expected similar sales in the September quarter, although it signaled that iPhone sales would do better than a 2% year-over-year decline.

The declines in Apple’s hardware overshadowed strong performance in the company’s profitable services division, which grew 8% and is expected to grow even faster in the current quarter.