Shares of Apple Inc. (NASDAQ: AAPL) traded lower Thursday morning ahead of the earnings announcement. The gadget giant is scheduled to release its third-quarter report today at 4:30 pm ET. Recently, the stock climbed to an all-time high, after gaining steadily over the past several months.
It is widely expected that Apple’s top line declined year-over-year for the third consecutive quarter. June-quarter revenue is estimated to have fallen about 11% from last year to $74.21 billion. Analysts’ consensus earnings estimate is $1.08 per share for the third quarter, compared to $1.20 per share in the corresponding period of 2022.
In the second quarter, Apple’s topline performance was hit by slower growth in iPhone sales and a decline in the sales of Mac and iPad. At $94.8 billion, revenues were down 3% year-over-year. Net income decreased modestly to $24.16 billion, while earnings per share remained unchanged at $1.52.
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