KEY POINTS
  • Apple's decline Friday was its worst day so far in 2023, and its largest loss since Sept. 29 last year.
  • The stock slid after the company said it expected another decline in revenue in the September quarter, although it signaled that iPhone sales would do better than a 2% year-over-year decline.
  • The stock is up 40% so far this year.

In this article

Apple CEO Tim Cook listens as President Joe Biden speaks during a roundtable with American and Indian business leaders in the East Room of the White House in Washington, D.C., June 23, 2023.
Anna Moneymaker | Getty Images

Apple shares fell 4.8% 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 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.

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 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.

In this article