Apple Inc. (NASDAQ:AAPL) shares saw a decline of more than 3% on Thursday after being downgraded by UBS.
The investment firm revised its estimates downward due to ongoing weakness in iPhone sales, indicating a continued trend of soft sell-through for the device.
UBS adjusted its projections for both iPhone unit sales and revenue, reflecting concerns about Apple's performance in the smartphone market.
This revision comes as Apple faces challenges in maintaining its sales momentum and amid broader market scrutiny of its product demand.