Share prices of (NASDAQ: AAPL) slipped nearly 5% after the company released fiscal 2023 third-quarter results (for the three months ended July 1) on Aug. 3. Apparently, investors pressed the panic button following yet another quarter of declining iPhone sales and tepid guidance.

Revenue fell 1% versus the year-ago period to $81.8 billion. Earnings were down 5% year over year to $1.26 per share. The tech giant's revenue was in line with Wall Street's expectations, and its earnings were comfortably ahead of the $1.20 consensus estimate.

Apple's outlook for the current quarter was the main culprit as management said it expects revenue to decline on a year-over-year basis again in Q4 due to macroeconomic headwinds. This would mark the fourth straight quarter of declining sales for Apple, driven by weakness in smartphones, tablets, and computers across the globe.

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Source Fool.com