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Boston Herald
Boston Herald
5 Aug 2023
Boston Herald Wire Services

NextImg:Ticker: Apple’s earnings top analysts’ forecasts, but year-over-year sales drop for third straight quarter

Apple eked out slightly higher profit even though sales dipped during its latest quarter. The period included the iPhone maker becoming the first publicly held U.S. company to be valued at $3 trillion. Results released Thursday cover April through June and mark the third consecutive quarter that Apple has posted a year-over-year decline in revenue.

That’s the company’s longest stretch of falling sales in nearly seven years. Apple indicated revenue is likely to fall again in the current July-to-September quarter, contributing to 2% decline the company’s shares in extended trading. If the stock behaves similarly in Friday’s regular trading session, Apple’s market value will fall below $3 trillion.

Stocks fell to close out a rare losing week for Wall Street following mixed reports on the U.S. job market and two of the market’s most influential stocks.

The S&P 500 sank 0.5% Friday for its fourth straight drop after setting a 16-month high. The Dow also drifted between gains and losses through the day before ending with a loss. It dropped 0.4%, as did the Nasdaq.

The job market is in a precarious place, where investors want a reading that’s neither too hot nor too cold. On one hand, investors want it to remain strong enough to keep the economy out of a long-predicted recession. On the other, they don’t want wage growth in particular to be so strong that the Federal Reserve sees it putting upward pressure on inflation.

Friday’s reading offered no slam dunks for either side.