Just as tech stocks began to turn around from their worst month since the 2008 recession, Apple dragged down the Nasdaq after hour, as it reported light guidance for its next quarter and notified investors it would stop offering unit sales figures for iPhones and other products.
The Nasdaq closed up 1.75 percent Thursday, starting November on an upswing. But as Apple slid 7 percent after hours, briefly dipping below its $1 trillion market cap, the Nasdaq lost most of its gains from the day, slipping 1.72 percent in postmarket trading.
Several other tech giants saw notable after-hours drops after Apple reported earnings, including Amazon (down 1.5 percent), Facebook (down 1 percent) and Netflix (down about 2 percent).
Although it beat analyst expectations on revenue and earnings per share, Apple missed estimates for iPhone sales, reporting 46.89 million compared to analyst predictions of 47.5 million according to FactSet and StreetAccount.
Apple projected $89 billion to $93 billion revenue for its first quarter, just shy of analyst estimates of $93.02 billion.
-CNBC’s Sara Salinas contributed to this report.
source : CNBC