AAPL Stock Slump May Be Just a Blip for Apple

Gene Munster believes that Apple's (AAPL) stock slump is temporary. Despite the company's third-quarter revenues growing 16% year-over-year to $109 billion, its earnings of $2.02 per share were impacted by a headwind. This could affect iPhone, Mac, and iPad sales, according to Rosenblatt Securities.

Munster pointed out that Apple's September outlook was not as grim as it seemed, given the company's record iPhone revenue. The stock fell 9.7% during Friday's morning trading, resulting in a $475 billion loss in market capitalization, its deepest intraday drop since March 2020.

Apple's Services revenue for the fiscal third quarter also saw a slowdown, attributed to the absence of a comparable theatrical release. The company reported a double beat in the third quarter, including record iPhone revenue.