Apple Stock Slides Toward $300 Amid App Store Revenue Decline

Apple's stock has slipped toward $300 as its App Store revenue fell and guidance disappointed investors. The company's strong fiscal third-quarter performance failed to satisfy investors, leading to renewed selling pressure.

The latest data from Morgan Stanley showed that Apple's App Store net revenue was tracking a 0.6% year-over-year decline through August 17, marking the first annual decline in four years. This weakness raises concerns about Apple's Services growth, which is expected to provide an increasingly important source of recurring earnings.

The combination of weaker App Store trends, softer guidance, and concerns across Services, China, and hardware demand has challenged Apple's elevated valuation. The company's market capitalization briefly exceeded $5 trillion earlier this year after gaining 25% in 2026.