Wednesday, November 14, 2018


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Tim Cook, CEO of Apple Inc talks at the Debating Ethics event at the European Parliament in Brussels on October 24, 2018. 

ARis Oikonomou | AFP | Getty Images
Tim Cook, CEO of Apple Inc talks at the Debating Ethics event at the European Parliament in Brussels on October 24, 2018. 

Just as tech stocks began to turn around from their worst month since the 2008 recession, Apple dragged down the Nasdaq after hour, as it reported light guidance for its next quarter and notified investors it would stop offering unit sales figures for iPhones and other products.

dipping below its $1 trillion market cap, the Nasdaq lost most of its gains from the day, slipping 1.72 percent in postmarket trading.

Several other tech giants saw notable after-hours drops after Apple reported earnings, including Amazon (down 1.5 percent), Facebook (down 1 percent) and Netflix (down about 2 percent).

Although it beat analyst expectations on revenue and earnings per share, Apple missed estimates for iPhone sales, reporting 46.89 million compared to analyst predictions of 47.5 million according to FactSet and StreetAccount.

Apple projected $89 billion to $93 billion revenue for its first quarter, just shy of analyst estimates of $93.02 billion.

-CNBC’s Sara Salinas contributed to this report.

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