Investors’ psychology is a very tricky as some stocks may fall substantially after publishing outstanding quarter results, while others may gain momentum after pretty moderate financial results are delivered to the public. Apple stocks added 5% after the company reported Q2 FY2023 revenues down by 2.5% to $94.84 billion beating consensus by $2 billion.

Apple stocks are trading close to their highs, and could be attributed rather to firms that are expanding by more than 20%. Apple is suffering difficulties as the company could not support its former expansion rates during economic turbulence. Apple’s CFO, Luca Maestri, said the company expects Q3 FY2023 results to be at almost at the same level and therefore it is driving analysts’ consensus downside. Revenues in this quarter were expected to be at $84.3 billion and were revised to $81.7 billion after his statement.

Apple is far ahead of its peers by P/E ratio with an exception of Microsoft. Q3 FY2023 revenues for Alphabet are expected to rise by 5.8%, Meta – by 8.3% and Microsoft – by 6.5%. Apple stocks with its Q3 expected revenues down by more than 1.5% are seen largely overvalued with prices likely to go into a correction. Thus, investors may receive an excellent opportunity to buy Apple stocks cheaper.