Apple's Stock Plummets on Disappointing Earnings and China Concerns

Apple's stock fell by 2% in pre-market trading after reporting earnings that beat estimates but a cautious outlook for the current quarter. The company reported earnings per share of $1.46 on revenue of $89.5 billion, with iPhone sales reaching a new record of $43.8 billion. However, revenues in its Mac, iPad, and Wearables categories fell from the same quarter last year. Apple's CFO expects revenue for these categories to "decelerate significantly" in the current quarter. Wall Street analysts had forecasted revenue of $122.8 billion for the current quarter, but Apple expects it to be "similar" to last year.