Through Friday, the market benchmark was down 5.3%, while the tech stock had fallen 9.1%.
Apple stock has lagged badly behind the Nasdaq Composite, but there is hope. The iPhone 15 is set to be launched next month.
Through Friday, Apple was underperforming the Nasdaq Composite by 3.8 percentage points, and was on pace for the largest monthly underperformance since November 2022. “Products revenue was $60.6 billion, down 4% from last year, as we faced FX [foreign exchange] headwinds and an uneven macroeconomic environment,” Chief Financial Officer Luca Maestri said.
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