Apple, Palantir Shares Fall After Earnings Reports Disappoint Investors.
Apple, the maker of the iPhone, reported better-than-expected revenue for its fourth quarter.
the company missed analysts’ estimates for iPad sales and issued a profit margin forecast that disappointed investors.
Palantir, meanwhile, exceeded Wall Street’s expectations for its third-quarter results, with revenue from its US commercial business surpassing government revenue for the first time.
Despite the stronger-than-expected results, Palantir shares declined by six per cent in premarket trading, while Apple shares dropped 4.4 per cent. Apple’s earnings report was its first since John Ternus took over as Chief Executive Officer from Tim Cook in September. The company is also facing a global memory shortage and increasing competition for computer components, with memory costs rising during the quarter compared with the June period. Despite the supply constraints and higher costs, Ternus said Apple had just concluded its “best fiscal year ever.” Speaking to CNBC’s MacKenzie Sigalos, he attributed the company’s growth to its ability to navigate supply limitations and foreign exchange headwinds.
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Arise News.