Trending tickers: Apple | Maersk | Palantir | Currys

Apple sales were hit by China's economic slump. Photo: Aly Song/Reuters (Aly Song / reuters)

Apple (APPL)

Apple stocks dipped in extended trading after it revealed a weak outlook for December’s quarter revenue.

In its fiscal fourth quarter, Apple reported earnings per share of $1.46 on revenue that reached $89.5bn – a 1% decrease from the previous quarter.

Its iPhone business advanced 2.8% to $43.8bn. The tech giant released four new phones in the iPhone 15 family in September, including models that featured titanium cases and better cameras.

But sales have now been declining for 12 months and the company is in its longest slump since 2001.

The company’s business in China, its third largest market, shrank 2.5% to $15.1bn as Beijing faces a broad economic slowdown.

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Revenues in its Mac, iPad, and Wearables categories fell from the same quarter last year. For its just-completed fiscal year, Apple reported total revenue of $383.3bn, down from $394.3bn in the prior year.

Here are some of the highlights from Apple's quarter, compared to Wall Street expectations compiled by Bloomberg:

• Revenue: $89.5bn versus $89.34bn expected ($90.15bn in Q4 2022)

• Adj. EPS: $1.46 versus $1.39 expected ($1.29 in Q4 2022)

• iPhone revenue: $43.8bn versus $43.73bn expected ($42.63bn in Q4 2022)

• Services revenue: $22.3bn versus $21.36bn expected ($19.19bn in Q4 2022)

• Mac revenue: $7.6bn versus $8.76bn expected ($11.51bn in Q4 2022)

• iPad revenue: $6.4bn versus $6.33bn expected ($7.22bn in Q4 2022)

• Wearables revenue: $9.3bn versus $9.41bn expected ($9.65bn in Q4 2022)

On a call with analysts following the results, Apple CFO Luca Maestri said revenue in the current quarter to be "similar" to last year. Maestri also said the company is expecting revenue for Mac, iPad, and Wearables categories to "decelerate significantly" from the fourth quarter.

Maersk (AMKBY)

Shares in one of the world’s biggest shipping companies tanked in pre-trading after it announced it will cut 10,000 jobs.

AP Moller-Maersk reported a drop $10.6bn (£8.7bn) in revenues across the third quarter as underlying pre-tax profits plunged 82% to $1.9bn amid “substantially lower freight rates”.

“If you want an economic bellwether, look no further than Maersk, as its status as one of the world’s largest container shipping companies makes it a fair proxy for global growth,” said AJ Bell investment director Russ Mould.

“Transportation demand will be strong if the economy is going well, but the opposite will apply if there are clouds on the horizon. Maersk’s 9% share price slump on its latest results would suggest the global economy is losing speed,” he added.

The Danish group is slashing its workforce from 110,000 in January to below 100,000 as it looks to cut costs by $600m (£491m) next year.

Chief executive Vincent Clerc said: “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base.

“Since the summer, we have seen overcapacity across most regions triggering price drops and no noticeable uptick in ship recycling or idling.

Maersk said it had already cut around 6,500 jobs since early 2023 and that another 3,500 would go as it ramps up cost-saving actions.

Up to 2,500 of those additional cuts will go in the “coming months”, with the remainder in 2024, it added.

Palantir (PLTR)

Shares of Palantir rose nearly 20% Thursday and were higher in extended trading as the company updated its fourth-quarter guidance thanks to an increased demand for its AI platform.

Palantir’s revenue for the third quarter increased 17% to $558m, from $478m a year earlier. The Denver-based company now expects $2.216bn to $2.22bn in revenue for 2023. The company previously guided for annual revenue to be "in excess" of $2.212bn.

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In the fourth quarter, Palantir is targeting $599m to $603m in revenue.

Palantir enjoyed upside in its US commercial business, which posted 33% top-line growth and benefited from demand for the company’s Artificial Intelligence Platform, known as AIP.

Currys (CURY.L)

Currys shares surged by almost 5% after it announced plans to sell its Greek and Cypriot business for £175m as it looks to focus on its largest markets including the UK and Ireland.

Currys will sell the business, called Kotsovolos, to Greek power generation and supply giant Public Power Corporation (PPC).

The proceeds, expected to be about £156m pounds after costs, will be used to cut debt and reduce its pension fund's accounting net deficit.

Analysts at Liberum described it as an “excellent outcome”. “It bolsters the balance sheet further and should help to deliver a c.£50 million year-end net cash position,” the broker said.

The sale is expected to be made in the first quarter of 2024.

Watch: Apple stock slips despite strong iPhone sales

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