Heading into the publication of its quarterly earnings report today, investors were first shown a decline in Apple stock.
The decline is likely to continue today following gloomy forecasts in the upcoming earnings report.
Citing Reuters, Apple is expected to report a decline in iPhone sales in the April to June quarter due to a slowing economy as new models are released.
Much of the weakness in iPhone sales is expected to come from America, where revenue is forecast to fall 6%, while sales from China are projected to be unchanged.
Meanwhile, Mac and iPad sales are predicted to fall with a decline of 10.6% and 11.2% respectively, according to Refinitiv data.
Overall, its total quarterly revenue is projected to decline 1.6%, according to Refinitiv, which is the sharpest drop in third-quarter revenue since 2016.
Apple traditionally does not provide its quarterly outlook, but analysts expect it may explain its use of AI to improve its upcoming products.
Shares of the smartphone giant have risen more than 51% so far in 2023, hitting all-time highs in line with other Big Tech stocks.
