Why Apple Stock Dropped Today
Shares of Apple (NASDAQ: AAPL) fell 5.6% on Friday after the tech behemoth's fourth-quarter results disappointed investors.
Despite the challenges of operating its global supply chain during the coronavirus pandemic, as well as the closure of many of its retail stores, Apple was able to eke out a 1% gain in revenue. The $64.7 billion in sales it generated was slightly above Wall Street's expectations of $63.7 billion.
The small gain was driven in part by strong sales of iPads and Macs, which appear to have benefited from more people working and learning from home during the COVID-19 crisis. Solid growth in Apple's services and wearables businesses also contributed to its modest sales increase.
Source Fool.com
