Apple shares slump 7% as iPhone sales disappoint


Shares in Apple, the world's largest company by market capitalisation, moved almost 7% lower in after-hours trading after quarterly results disappointed.

The firm’s share price dropped 6.85% to $121.8, the lowest level since February, after it reported 47.5m iPhone sales in the three months to 30 June - 1.5m less than analysts had forecast. The drop came despite revenues rising by a third to $49.6bn, ahead of estimates, and a doubling of sales in China. Net income for the company as a whole rose 39% to $10.7bn. Chief executive Tim Cook said sales of the Apple Watch “exceeded expectations”, but declined to disclose specific sales figures. The tech company’s shares had risen 38.5% over the year to 20 July, prior to the after-hours fal...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Technology

Fed chair Jerome Powell

Fed makes further 75 basis points hike in bid to tame inflation

Rates have reached 2.25%

clock 28 July 2022 • 2 min read
Chris Brightman is the CIO and CEO of Research Affiliates

Research Affiliates: Real interest rates will remain higher even after inflation is tamed

Tougher conditions for capital markets

clock 22 July 2022 • 4 min read
The survey found that UK equities remain the most popular asset class

Fund investor sentiment falls to record low

Lower than Q3 2020

Elliot Gulliver-Needham
clock 20 July 2022 • 1 min read