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Apple and Palantir shares fall after results disappoint investors
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Apple and Palantir shares fell after results and forecasts disappointed investors. Apple reported record quarterly revenue and profit, while Palantir’s revenue nearly doubled to more than $2 billion.
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Apple and Palantir shares fell in New York on Tuesday after both companies reported results that disappointed investors, despite strong headline figures for revenue and profit at Apple and rapid sales growth at Palantir.
Apple’s shares dropped more than 3%. The iPhone maker reported record quarterly revenue and profit, but revenue growth slowed from the previous quarter. Sales in China and income from services also fell short of expectations, while Apple forecast lower profit margins in the important holiday quarter, citing rising memory-chip costs.
Palantir fell more than 6%. Revenue at the data-analysis software company nearly doubled to more than $2 billion for the first time, boosted by demand for AI-powered software. But its outlook for the current quarter disappointed investors.
Wall Street’s broader mood remained cautious after most major US stock indexes closed lower on Monday.
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