Tech Giants Are Sliding into a Correction: Apple
Apple
stocks are seen to be a safe haven island compared to stocks of other techs.
Its shares are trading 16% off their peak prices. The company has delivered a strong
Q3 2022 financial report that could be considered the best among the FAAMG
group members. So, Apple delivered EPS and revenue figures above consensus
despite tough external economic conditions.
Sales of
iPhone and Mac rose by 10% year-on-year to $42.63 and by 25% year-on-year to
$11.51 billion respectively. Service revenues were less inspiring, adding about
5% year-on-year. However, this segment rose by 100% over the last five years
and continuing to perform the same high gains is a hard feat.
Wall Street
analysts expect Apple to deliver revenue growth of 3.5% and reach $128.3
billion in the Q4 2022 which is above last year’s record, despite record
inflation, rising interest rates, a strong Dollar and falling consumer demand.
Such sustainability amidst harsh external economic conditions is of great value
and Apple’s prospects are looking promising.
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