Apple Shares Plunge as Rare Misses on Revenue, Profit, and Sales Shake Investors

Submitted by MAGA

Posted 45 days ago

Apple, Amazon, and Alphabet delivered disappointing Q4 2022 earnings results, with Apple missing analyst expectations for the first time in seven years. Apple reported a quarterly revenue drop of 5.49% to $117.2bn, down from its record holiday sales in 2021, due to the strict Covid-19 lockdowns in China, which produces 90% of its devices sold globally. Amazon reported a net loss of $2.7bn for 2022, compared to net income of $33.4bn a year before, due to a difficult reset after its pandemic boom. Meanwhile, Alphabet missed analysts' expectations, signaling lower demand for its search advertising during a slowing economy. In contrast, Facebook parent company Meta saw a surge in its shares after CEO Mark Zuckerberg vowed to make the company leaner.

Apple shares slid more than 4% on Thursday after the company posted a disappointing first-quarter earnings report, including rare misses on revenue, profit and sales.