A mysterious Apple launch event is offering hope of some positive news ahead of earnings but Wall Street analysts are cautious.
During a unique primetime announcement Monday night, Apple announced its latest line of processors known as the M3 , a third-generation of the company’s system-on-a-chip processor, which will debut in an updated versions of the company’s MacBook Air laptops.
The chip will come in three versions: the M3, M3 Pro, and M3 Max. Apple said the chips will be the first PC processors to be produced at 3 nanometer line widths. Apple made the announcements at a virtual-only event on Monday evening called “Scary Fast,” which was widely expected to focus on updates to the company’s Mac personal computer lineup.
The event comes three days ahead of the company fiscal fourth quarter earnings announcement, due after the close of trading on Thursday. The results are expected to mark the company’s fourth consecutive quarter of negative year-over-year revenue growth. Investors will be focused in particular on the progress of the company’s recently launched iPhone 15, and listening for hints on the outlook for the holiday selling season.
On Thursday, Apple shares rose 1.2%, to $170.29. The stock remains 14% below its all-time intraday peak earlier in the year.
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