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One Bad Apple: Tech Earnings to Shrink, and Apple’s to Blame
2021-07-13 01:00
Apple's flagship New York store.Adam Jeffery | CNBC
There's always an excuse for shrinkage. For the information technology sector, that excuse is Apple.
The information technology sector is expected to have the worst second-quarter earnings growth rate in the S&P 500 —a decline of 6.3 percent. But if not for the 21 percent earnings-per-share drop expected from Apple, the earnings growth rate would be negative 3.1 percent, which is only half as bad. This according to financial data company FactSet.
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