Apple to hold “Scary Fast” event on October 30

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TheStreet’s J.D. Durkin brings you the biggest news of the day, including which companies are due to report earnings and Apple’s surprise event announcement.

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Transcript
00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here is a
00:03 look at what we are watching on the street today.
00:06 Investors are reacting to third quarter earnings from tech giants Microsoft as well as Google
00:10 parents company Alphabet.
00:12 Microsoft's results came in better than expected bringing in $56 billion in sales.
00:17 The growth was mainly driven by success in its Azure cloud business as well as its investments
00:22 in generative AI.
00:24 Alphabet also reporting stronger than expected results with revenue up 11% from the same
00:29 time just a year ago.
00:30 The tech giant did see its share slump as investors reacted to a drop in its cloud revenue.
00:36 Wall Street will watch results from Meta later today as well as Amazon on Thursday.
00:40 Meanwhile just a month after Apple unveiled its new line of iPhones, the company announced
00:44 that in just five days it plans to hold another event with more new releases.
00:50 Dubbed the Scary Fast launch, yes Scary Fast, Apple's next event is slated for October 30th
00:56 and no, it's not being called Scary Fast simply because it aligns with Halloween.
01:01 Scary Fast also likely refers to Apple's plans to unveil its new M3 Mac chip which will likely
01:08 be unveiled alongside a new line of iMac computers.
01:11 The company's first iteration of the chip, the M1, was launched back in 2020 with the
01:16 M2 making its first appearance last year.
01:18 Apple hopes the new M3 chip will kickstart its sluggish Mac sales.
01:23 Revenue from Mac dropped by 7% last quarter as the broader tech industry saw global PC
01:28 shipments fall by about 17%.
01:32 Apple will report its fourth quarter earnings on Thursday, November 2nd.
01:35 That will do it for your daily briefing.
01:37 From the floor of the New York Stock Exchange, I am JD Durkin with The Street.
01:40 Thanks for watching.
01:41 [BLANK_AUDIO]

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