Apple's stock falls to lead the Dow's losers after data showing PC sales plunged more than peers
Shares of Apple Inc. dropped 1.3%, to pace the Dow Jones Industrial Average's premarket decliners on Monday, after International Data Corp. (IDC) reported the technology behemoth suffered a much larger decline in first-quarter personal computer sales than its peers. The market intelligence provider said over the weekend that global PC shipments sank 29.0% from a year ago to 59.9 million, as "weak demand, excess inventory and a worsening macroeconomic climate" all contributed to the "precipitous drop" in shipments. Apple's PC shipments sank 40.5% to 4.1 million units, the fourth-most among traditional PC makers. Elsewhere, Hong Kong-based Lenovo Group Ltd. shipments fell 30.3% to 12.7 million, HP Inc. shipments declined 24.2% to 12.0 million units and Dell Technologies Inc. saw shipments were down 31.0% to 9.5 million. HP shares shed 0.8% in Monday's premarket while Dell's stock dropped 1.3%, while Dow futures gave up 131 points.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 10, 2023 09:06 ET (13:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.