(Reuters) -Apple's plan to add generative AI to its iPhones and revive sagging sales in the crucial Chinese market will be in focus on Thursday, when the tech giant is expected to report its biggest quarterly revenue decline in more than a year. Long considered a must-own stock on Wall Street, Apple shares have underperformed other Big Tech companies in recent months, falling more than 10% this year as fears mount about its slow roll-out of artificial intelligence services and as a resurgent Huawei takes market share in China. Analysts on average see iPhone sales, which account for about half of Apple's revenue, falling 10.4% in the first three months of 2024, according to LSEG.
Business automation software provider Upland Software (NASDAQ: UPLD) reported Q1 CY2024 results beating Wall Street analysts' expectations, with revenue down 8.2% year on year to $70.74 million. On the other hand, the company expects next quarter's revenue to be around $67.4 million, slightly below analysts' estimates. It made a non-GAAP profit of $0.19 per share, down from its profit of $0.28 per share in the same quarter last year.
American restaurant chain BJ’s Restaurants (NASDAQ:BJRI) reported results in line with analysts' expectations in Q1 CY2024, with revenue down 1.2% year on year to $337.3 million. It made a GAAP profit of $0.32 per share, improving from its profit of $0.15 per share in the same quarter last year.
Analysts on average see iPhone sales, which account for about half of Apple s revenue, falling 10.4% in the first three months of 2024, according to LSEG. That drop would be the steepest in more than three years.