2023-08-05 20:18:45
Company shares fell Apple By 4.8%, a day following the company announced its earnings report for the third quarter of the current fiscal year.
Apple’s decline was its biggest loss since Sept. 29 of last year, while Apple’s stock is up 40% so far this year.
Apple’s earnings exceeded expectations in terms of profit and revenue, but overall sales fell 1% due to lower iPhone, iPad and Mac sales.
The stock fell following the company said it expected similar sales in the September quarter, although it noted that iPhone sales would be better than the 2% year-over-year decline.
The declines in Apple devices overshadowed the strong performance in the company’s profitable services division, which grew 8% and is expected to grow faster in the current quarter.
Apple’s research and development spending was $22.61 billion for the fiscal year to date, up nearly $3.12 billion from this point a year earlier.
The company’s CEO, Tim Cook, said in an interview with Archyde.com that the increase in R&D spending was driven in part by work on generative artificial intelligence, the same area that drives spending at other big tech companies.
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