Apple’s Sales Drop Continues

Today is Friday, August 4, 2023.

The Early Bird Index today is 57.71.

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Apple’s Sales Drop Continues

Apple (Nasdaq: APPL) posted mixed financial results on Thursday and investors had concerns as the stock dropped 2.02% in after-hours trading.

Financials: Apple reported earnings of $1.26 per share in the past quarter, which was better than expected. But the revenue of $81.8 billion was in-line and expected.

Details: Services revenue reaches an all-time high at $21.2 billion.

Yes, But: Overall, this marked the third straight quarter of declining sales.

Also: Sales for the iPhone in the quarter reached $39.6 billion, which was lower than expected.

Stock Price: Apple is up 52% in 2023, but the stock is flat in the last 30 days.

Final Thoughts: The stock has performed well this year, but Apple’s sales are declining due to lower industry-wide demand for hardware. However, there is great anticipation for the iPhone 15 release date later this quarter.


Notable Earnings Today: FuboTV (NYSE: FUBO), Nikola (Nasdaq: NKLA), Fisker (NYSE: FSR), LyondellBasell (NYSE: LYB), Magna (NYSE: MGA), American Axle (NYSE: AXL), Enbridge (NYSE: ENB), Dominion Energy (NYSE: D), Cinemark (NYSE: CNK), Frontier Communications (Nasdaq: FYBR), inTest (NYSE American INTT), Plains All American (Nasdaq: PAA), ACM Research (Nasdaq: ACMR), AMC Networks (Nasdaq: AMCX), Green Plains (Nasdaq: GPRE), Brookfield Renewable Partners (NYSE: BEP), Cboe Global Markets (BATS: CBOE), Fluor (NYSE: FLR), Genco Shipping & Trading (NYSE: GNK), Scripps (Nasdaq: SSP), XPO (NYSE: XPO).

Notable IPOs Today: SRM Entertainment, Inc. Common Stock (Nasdaq: SRM), Foremost Lithium Resource & Technology Ltd. Common stock (Nasdaq: FMST), ESGL Holdings Limited Ordinary Shares (Nasdaq: ESGL), Neuraxis, Inc. (NYSE American: NRXS).

Notable Equity Crowdfunding Campaigns Ending Today: Hella Bagels (SMBX), Calyxeum (Mainvest), Crepe Twist (Mainvest), Mike D's BBQ (Mainvest).

Notable Economic Events Today: Unemployment Rate (8:30 a.m. ET), Nonfarm Payrolls (8:30 a.m. ET), Average Hourly Earnings (8:30 a.m. ET), Labor Force Participation Rate (8:30 a.m. ET).

Amazon’s Cloud Keeps Growing

Photo by Nicolas J Leclercq / Unsplash

Shares of Amazon (Nasdaq: AMZN) jumped by 8.73% in after-hours trading on Thursday after reporting strong financial results.

Financials: Amazon reported earnings of 65 cents per share in the past quarter and revenue of $134.4 billion; both were better than expected.

Powering the Story: AWS, Amazon’s cloud business, grew its sales by 12%. Amazon’s sales in North America also increased by 11%. The company’s operating cash flow is up 74%.

Stock Price: Amazon’s stock is up 50% in 2023, but down about 1% in the past 30 days.

Final Thoughts: While Amazon’s cloud and e-commerce businesses are strong, the company is still trying to play catch up in the artificial intelligence race.

DraftKings Grows and Reaches Profitability

DraftKings (Nasdaq: DKNG) soared 12.30% in after-hours trading on Thursday after the company posted strong financial results, raised its guidance, and reached profitability.

Final Thoughts: DraftKings is up 171% in 2023. Can the sports betting company continue to grow if there’s a recession?

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