- Apple said on Wednesday that its holiday quarter revenue would
be 7% lower than expected due to weakening iPhone sales, primarily
- Since the announcement, Apple’s
stock has dropped over 7% in after-hours trading.
- The news of Apple missing its mark appears to be impacting
other tech stocks, with Amazon, Intel, Alphabet, and others all
taking hits in after-hours trading.
Apple’s surprise pre-announcement on Wednesday, warning
investors that quarterly revenue will come in at least $5 billion
below expectations, sent shockwaves across the business and
Apple’s stock quickly fell 7% in after hours trading. And it
appears to have dragged down many of its tech peers with it.
Here’s how some top tech stocks are performing
after-hours on Wednesday:
(AMZN) down 3%
(FB) down 1.5%
(GOOG) down nearly 1%
(INTC) down 2%
Micro Devices down nearly 3%
down nearly 2.5%
Apple blamed slowing demand for iPhones in China for a good deal
of its woes, which may be spooking investors in other companies
with businesses that are tied to China.
But even companies without obvious China exposure, such as
Facebook which is banned in China, took a dip in after hours
trading. It’s a reflection of Apple’s importance and status in the
tech industry. A slowdown in Apple’s business is a bad sign for the
tech business and perhaps even for the broader economic
Source: FS – All – Entertainment – News
Apple's warning about poor holiday sales is dragging down the rest of the tech industry, from Amazon to Intel (AAPL, FB, GOOGL, ADM, NVDA, QCOM, BABA)