All eyes were on Apple after the bell. Earnings came in just after 4:30 pm and the technology company beat on both revenue and earnings per share.
Apple reported earnings of $3.89 versus estimates of $3.86, and revenue was reported at $88.3 billion versus estimates of $87.3 billion. Tim Cook said, "iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped."
The company also reported a record $285.1 billion in cash reserves.
Wall Street saw another day of losses in the market amid continued concerns over the banking sector and as investors digest the latest inflation data. Francis Oh, Asia-Pacific CEO of Qraft Technologies, joined Cheddar News to break down what can be expected with the Federal Reserve's move on interest rates and what to look out for with A.I. stocks, which are seeing big gains.
Adidas has decided to try to sell a portion of its remaining Yeezy shoe inventory and donate the proceeds to chartitable organizations, CEO Bjørn Gulden said Thursday.
Peloton is recalling more than 2 million exercise bikes over a safety concern with its bike seat post, and the Consumer Product Safety Commission said it's received some injury reports.
Peloton is recalling more than 2 million of its exercise bikes because the bike’s seat post assembly can break during use, posing fall and injury hazards.
