Apple reported better-than-expected results for its fiscal third quarter, with earnings per share of $2.02 beating the $1.89 consensus and sales of $109.4 billion exceeding the $108.7 billion forecast. Despite these solid performances, shares fell roughly 2% to 2.5% in after-hours trading amid concerns about a potential $460 billion erosion in market value, representing a 9% to 10% pullback from peak levels. Apple’s market cap has been trading in the $4.86 trillion to $4.89 trillion range as the company remains in close competition with Nvidia for the title of world’s most valuable company. The stock had climbed 15% over the prior month before the earnings release, setting a particularly high bar for a positive price reaction.
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