Apple shares dip as market responds to COVID threat, spyware story

Apple shares dip as market responds to COVID threat, spyware story

Apple will announce its Q3 earnings next week.

What you need to know

  • Apple shares fell by some 2.7% yesterday.
  • There are concerns about the impact COVID could have on the recovery of the economy.
  • The dip may also be a response to reports of spyware impacting a small number of iPhones.

Apple’s share price dipped by 2.7% yesterday, closing at $142.45 due to a variety of different factors.

Apple’s share price remains strongly up over the last month but the price has dipped since the stock briefly touched the $150 mark last week. It follows reports that Apple is delaying its return to office work in California because of rising COVID cases, from Monday:

Apple has reportedly decided to delay the date that it expects its employees to be back in the office as a result of surging COVID-19 cases around the world. Apple had initially told employees that they would need to be back at their desks in September.

The move, reported by Bloomberg, comes as Apple continues to come under pressure from employees regarding the hybrid work model Apple has put in place. Employees will be allowed to work from home two days per week, but having worked from home for a year those working at Apple believe they should be allowed to continue to do so if they want.

It also follows a concerning report about iPhones infected with spyware that saw a commercial hacking group exploit the iPhones of journalists and activists. A zero-click iMessage exploit in iOS 14 (.6).

Apple is due to announce its Q3 earnings at its quarterly call on July 27, where it is expected to post strong double-digit growth year on year, but a slightly bigger than normal sequential dip because of component shortages, which the company says could cost it $4 billion.

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