AAPL: Apple Stock Sinks 3% on Fourth Straight Revenue Drop, Shrinking China Business

Apple’s September-quarter sales landed at $89.5bn, down less than 1% from a year ago as the tech giant’s China exposure continued to dwindle.

• Apple stock AAPL is looking to open lower in regular trading Friday, following a lackluster earnings report, which knocked 3% from shares in after-market trading. The tech giant said its sales for the September quarter arrived at $89.5bn, roughly 1% lower than the same quarter a year ago.
• It was the company’s fourth-straight revenue decline, indicating the iPhone maker would need to come up with actual new stuff to keep users coming and returning. Adding to the downside pressure, Apple said the December-quarter sales figures would be similar to those of last year’s Holiday quarter.
• China woes weighed further as Apple is struggling to stave off grim sales outlook for its hardware business. Revenue from China-based sales fell 2.5%. Sales of the iPhone, the company’s most-sold item, accounted for $43.8bn of total revenue, or about half as usual. With the latest share-price drop, Apple has drifted 13% away from its all-time high when it crossed the $3tn valuation mark.