Why Shares of Apple Are Sinking Today
Shares of the consumer tech giant (NASDAQ: AAPL) traded about 4% lower today as of 11:14 a.m. ET, after the company reported earnings yesterday. Most stocks were trading higher today, due to positive developments regarding trade negotiations between the U.S. and China. But tariffs continue to weigh on Apple.
Apple reported earnings and revenue in its second fiscal quarter that beat estimates from Wall Street analysts. iPhone revenue also beat estimates by $1 billion. But Apple is one of the most heavily impacted tech giants by tariffs because the company makes a ton of its products in China and Vietnam.
Apple CEO Tim Cook said on the company's earnings call that it expects tariffs to add $900 million of expenses in the current quarter. Apple also guided for low-to-mid-single-digit annualized revenue growth in the current quarter. Cook said it's "very difficult" to forecast what could happen beyond June due to tariff uncertainty.
Source Fool.com
Apple Inc. Stock
Our community is currently high on Apple Inc. with 108 Buy predictions and 12 Sell predictions.
However, we have a potential of -0.48% for Apple Inc. as the target price of 236 € is below the current price of 237.15 €.
