Apple’s stock rebounds after hours despite miss
Apple’s stock saw an immediate and sharp decline as the company reported earnings that didn’t live up to Wall Street’s expectations, but as Tim Cook talked about it a strange recovery happened.
After Apple’s earnings reports arrived around 4:30 P.M. EST, the stock price dipped to around $144 and remained near flat until about 5:45 P.M. It spiked back to about $150, briefly, and has since fallen back down to about $146.
The executives on the call remained optimistic for coming quarters, however, as they noted that supply chain issues have mostly been fixed. Specifically, the iPhone 14 Pro lineup was the device family impacted most by the setbacks at Foxconn.
Apple reported $117.15 billion in revenue for the quarter, which is down from $123.9 billion for the same quarter in 2022. Services hit a record high, and all categories remained strong except for the $6 billion decline in iPhone revenue year-over-year.
Update February 2, 6:58 PM ET Apple stock is apparently on a roller-coaster ride this evening, updated the piece with a new and dramatic decline.
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