Apple Stocks
U.S. futures traded in a mixed fashion Friday, as investors digested more corporate earnings ahead of the release of the influential monthly jobs report.
Here are some of the biggest premarket U.S. stock movers today:
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Apple (NASDAQ:AAPL) stock fell 2.2% after the iPhone maker predicted quarterly sales that were below market estimates, blaming weak demand for iPads and wearables, especially in key market China.
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Restaurant Brands (NYSE:QSR) stock rose 1% after the company beat third-quarter earnings views even as it missed expectations for quarterly sales on Friday, as still-high inflation pressured consumer spending at its Burger King chain.
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Cinemark (NYSE:CNK) stock rose 2.4% after the movie theater operator swung to a profit in the third quarter amid strong box office trends, powered by the movies ‘Barbie’ and ‘Oppenheimer’.
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Block (NYSE:SQ) stock soared 16% after the payments firm reported better-than-expected earnings forecast for 2024 and a $1 billion stock buyback plan.
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Paramount Global (NASDAQ:PARA) stock rose 5.1% after the media conglomerate reported strong revenue and subscription trends in its third-quarter earnings report.
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DraftKings (NASDAQ:DKNG) stock rose 4.6% after the sports betting company beat expectations for quarterly as it rises to the top of the highly competitive online gambling industry.
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Live Nation Entertainment (NYSE:LYV) stock rose 5.5% after the Ticketmaster parent beat market estimates for third-quarter revenue benefiting from high ticket prices and surging concert demand.
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Sempra Energy (NYSE:SRE) stock fell 3% after the power and gas utility posted better-than-expected third-quarter profit but revenue that fell short of estimates.
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Bloomin Brands (NASDAQ:BLMN) stock fell 6.7% after the Outback Steakhouse parent cut its full-year guidance to reflect a soft dining environment.
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Enbridge (NYSE:ENB) stock rose 1.2% after the pipeline operator beat third-quarter profit estimates, benefiting from transporting higher volumes of oil.
Apple didn’t give formal guidance, but finance chief Luca Maestri said the company expected December quarter revenue to “be similar to” last year’s revenue. However, Apple said that the December quarter this year will have one fewer week.
Analysts were looking for $122.98 billion in revenue for the December quarter, which would be a return to year-over-year growth of about 5% in Apple’s most important quarter.
Net income was $22.96 billion, or $1.46 per share, versus $20.72 billion, or $1.29 per share, during the year-earlier period. The tech giant reported $383.29 billion in sales for the full fiscal year, down about 3% from the prior year. Quarterly revenue declined less than 1% in the September quarter.
The company’s iPhone sales were in line with Wall Street expectations and increased more than 2% from last year. It was the only hardware line for Apple to show growth in the quarter, and the period only included about a week of iPhone 15 sales.
Apple CEO Tim Cook told CNBC that the iPhone 15 was doing better than the iPhone 14 did during the September quarter last year.
“If you look at iPhone 15 for that period of time and compare it to iPhone 14 for the same time in the year-ago quarter, iPhone 15 did better than iPhone 14,” Cook told CNBC’s Steve Kovach. He added that Apple’s more expensive Pro and Pro Max iPhones suffered supply constraints because of high demand.
Apple’s Mac and iPad businesses both declined during the quarter. Maestri had warned on a call with analysts after third-quarter results that iPad and Mac sales would fall by double-digit percentages.
Mac sales came in below Wall Street expectations, falling nearly 34% year over year. Apple held an unusual nighttime launch event for its new MacBook Pro laptops and iMac desktop last month. While sales of the new devices aren’t included in the quarter, Apple was signaling that new products could boost sales once again thanks to its new M3 chips.
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