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U.S. stocks open lower as Apple results weigh

Xinhua, July 22, 2015 Adjust font size:

U.S. stocks opened lower on Wednesday as Apple shares' sharp decline following a disappointing quarterly earnings report weighed on market sentiment.

Apple shares slumped more than 5 percent in early trading though the company reported slightly better-than-expected financial results for the third quarter of its fiscal year 2015.

However, its revenue forecast for the fourth quarter fell below expectations and its iPhone sales missed market estimates.

The tech giant posted quarterly revenue of 49.6 billion U.S. dollars and quarterly net profit of 10.7 billion dollars, or 1.85 dollars per diluted share.

Meanwhile, shares of Microsoft dipped 2.3 percent in early trading after reporting lackluster quarterly results.

The company announced that revenues for the quarter ended June 30 were 22.2 billion dollars. Gross margin, operating loss, and loss per share for the quarter were 14.7 billion dollars, 2.1 billion dollars, and 0.40 dollar per share, respectively.

U.S. stocks ended lower amid lackluster quarterly results Tuesday, as investors were looking for excuses to lock in gains after the Nasdaq Composite Index's three-session record run.

Shortly after the opening bell, the Dow Jones Industrial Average fell 43.23 points, or 0.24 percent, to 17,876.06. The S&P 500 lost 6.79 points, or 0.32 percent, to 2,112.42. The Nasdaq was down 48.49 points, or 0.93 percent, to 5,159.63. Endi