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Apple’s (NASDAQ: AAPL) share price has slipped since the company released its Q3 2024 earnings, with concerns about its revenue forecast seeming to impact the stock. At the close of the market on October 31, AAPL was trading at $225.91, ending the day with losses of almost 2%. The decline continued in pre-market trading, dropping by about 1.6%. AAPL one-day stock price chart. Source: Google Finance Why Apple stock is down  Although the tech giant reported strong performance for the quarter ending September 2024, investors appear concerned about the company’s future revenue forecast.  Apple’s Chief Financial Officer, Luca Maestri, informed analysts that the company expects overall revenue to “grow low to mid-single digits” during its fiscal first quarter, ending in December. Accordingly, analysts had projected revenue growth of about 6.65%, reaching $127.53 billion. Apple expects double-digit growth in its services business in the first quarter but did not provide revenue guidance for the hardware segment. The stock fell despite Apple reporting adjusted earnings per share of $1.64, slightly above the $1.60 estimate. Revenue for the quarter was $94.9 billion, up 6% from last year’s $89.5 billion. iPhone sales surpassed analysts’ expectations, reaching $46.22 billion versus the $45.16 billion estimate. It’s worth noting that Apple’s push into artificial intelligence (AI) attracted attention during the quarter, especially with the rollout of the iPhone 16.  The company unveiled “Apple Intelligence,” which will be integrated into its devices. This venture into AI is expected to positively impact future earnings as the technology becomes more widely adopted. “I continue to view AAPL stock as dead money until hard evidence of an AI-supercycle is found,” Ahan Vashi, Investing Group Leader for The Quantamental Investor, said.  Expert’s take on AAPL stock price Following Apple’s earnings report, several analysts have offered insights on how the stock might trade.…

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Filed under: News - @ November 1, 2024 3:19 pm