Shares of Apple fell more than 3.5 percent Wednesday following the release of the company’s quarterly results.
The tech giant’s stock fall shaved off 30 points on the Dow Jones industrial average, which briefly fell 100 points shortly after the open. Apple also shed $23.39 billion in market cap since Tuesday’s close, now totaling around $613.80 billion.
Apple reported quarterly earnings that topped analysts’ estimates Tuesday, while sales came in roughly in line with expectations. But the quarterly results marked the third straight quarter where Apple posted a year-over-year revenue decline.
Analysts at Canaccord Genuity said in a Tuesday note that, while strong demand for the iPhone 7 led the firm to solid quarterly results, it also led to higher-than-expected operating expenses. For this reason, Canaccord said it lowered its earnings-per-share estimates for calendar years 2016, 2017 and 2018.
Apple shares are up approximately 8 percent this year, and have surged nearly 27.5 percent since hitting their 2016 low.
AAPL stock year to date (% gain from May low to Oct. 26 in green)
—CNBC’s Anita Balakrishnan contributed to this article.
DISCLOSURE: Canaccord Genuity is a market maker in Apple securities.