Amazon shares jump 11% as e-commerce firm turns loss to profit, operating income doubles
Apple’s stock price dove over 4% on Friday after the US multinational technology company posted decline in sales of iPhone, Mac and iPad during the second quarter of this year.
Stock price of Apple plummeted to as low as $183.25 per share around 10:50 a.m. EDT on the Nasdaq for a 4.1% daily loss after closing the previous day’s session at $191.17 a share.
Shares were trading at $185.18 at 11:37 a.m. EDT for a decline of 3.1%.
Apple saw its iPhone sales falling almost 2.5% to $39.6 billion in the April-June period of this year, down from $40.6 billion the same period of last year,according to its financial results statement released late Thursday.
Mac sales declined 8.1% to $6.8 billion from $7.4 billion, while iPad sales plummeted 19.4% to $5.8 billion from $7.2 billion.
Services, on the other hand, amounted $21.2 billion for the three months ending June 1, up 8.2% from $19.6 billion in the same period last year.
Apple CEO Tim Cook noted that services had an all-time revenue record during the quarter, driven by over one billion paid subscriptions.
Amazon, on the other hand, saw its stock price climbing 11.4% to $143.63 at 11:40 a.m. EDT, after closing the previous session at $128.91 a share, due to strong quarterly results.
The US-based global e-commerce giant generated a net income of more than $6.7 billion in the April-June period of this year after posting a net loss of over $2 billion in the same period last year, according to financial results released late Thursday.
Net sales rose 11% to $134.4 billion for the three months ending June 30 compared with $121.2 billion in the same period of 2022. Operating income more than doubled to $7.7 billion from $3.3 billion during that period.