Apple stock was up 8.1% in Nasdaq trading after providing all-time record quarterly results and almost good enough guidance to avoid the fate of most big tech companies this earnings season, which have saw their valuations plummet by hundreds of billions of dollars.
Mark Gurman for Bloomberg News:
Apple’s revenue and profits both exceeded analysts’ estimates. Even with the expected growth decelerating during the current period, investors found enough optimism to send the shares to their largest one-day rally since July 2020.
The company has far outshone Alphabet Inc., Amazon.com Inc., Meta Platforms Inc., Microsoft Corp. and others, which have produced gloomy earnings reports in recent days, causing their shares to plummet.
With loyal customers still eager to grab its expensive products, Apple has been seen as an exception during a severe technology slowdown. The company also released its latest iPhone earlier this year than usual, giving its fiscal fourth quarter a larger share of sales of Apple’s flagship device. But roaring inflation and a broader slowdown in consumer spending, especially for personal devices, could still weigh on the company …
The Cupertino, California-based company did not provide a specific revenue forecast for the current quarter, continuing an approach it took at the start of the Covid-19 pandemic. But analysts estimate revenue of around $ 128 billion, which would be an all-time record.
Apple’s overall revenue grew 8.1% to approximately $ 90.1 billion in the fiscal fourth quarter. This beat the estimate of $ 88.6 billion, due to better-than-expected growth in its Mac and wearable-related businesses. Earnings of $ 1.29 per share exceeded the average projection of $ 1.26.
MacDailyNews takes: Apple’s customers are simply a step above the rest:
Apple iPhone customers are the most recession-proof smartphone buyers. – MacDailyNews, September 7, 2022
The same goes for Mac, iPad, Apple Watch, and Apple Services customers on personal computers, tablets, smartwatches, and subscriptions, respectively. – MacDailyNews, October 13, 2022
The big tech company most resilient to inflation and recession is Apple, thanks to its superior customer demographics. – MacDailyNews, October 27, 2022
When your money becomes a major concern, you want to spend it wisely. In China and everywhere, if it’s not an iPhone, it’s not an iPhone. Also, if it’s not an iPhone Pro, it’s not an iPhone Pro. – MacDailyNews, October 27, 2022
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