Stock Market Movers: Apple, Alphabet, Microsoft

Stock Market Movers: Apple, Alphabet, Microsoft

Apple Inc (NASDAQ: AAPL) reported strong financial results for the third quarter on Tuesday. Its earnings and revenue beat the expectations of Wall Street analysts.

However, the company’s stock price declined in extended trading. Investors reacted negatively to Apple’s warning that supply shortages could affect its iPhone and iPad revenue for the next quarter.

Apple CEO Luca Maestri said the company is expecting its growth to be less than 36% in the September quarter due to foreign exchange rates, supply constraints for iPhone and iPads, and reduced growth in its services business.

AAPL shares closed at $146.77 each, down 1.49% on Tuesday. In the extended trading, the stock dropped further to $144.40 per share around 6:10 PM in New York.

Apple quarterly financial results

For the June quarter, Apple posted $1.30 earnings per share (EPS), higher than the $1.01 EPS expected by Wall Street analysts. The company’s total revenue increased by 36% to $81.41 billion. Analysts expected the company to deliver $73.30 billion in revenue.