Apple and Palantir Retreat Premarket Following Quarterly Updates

Original summary · What happened

Shares of Apple dropped roughly 4% to 4.5% during premarket trading after the consumer technology titan issued a cautious profitability forecast and reported disappointing iPad sales alongside slowing services growth. Although fourth-quarter net revenue cleared analyst expectations, management cautioned that escalating memory costs and expenses tied to its Siri artificial intelligence rollout would pinch gross margins. Chief executive John Ternus noted that global component supply shortages continue to constrain hardware deliveries even as the company completed its highest-grossing fiscal year.

Palantir also slumped by over 6% in early activity despite beating third-quarter consensus metrics. The data analytics software vendor noted a milestone as its domestic commercial receipts outpaced government revenue for the first time. Even with positive operational developments, broader technology sector volatility and cautious reactions to earnings reports contributed to early-session pullbacks across key high-profile growth names.