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- 1 AAPL Stock rallied 36.80% in six months and 50.31% YTD.
- 2 Apple Inc. will announce quarterly earnings on August 3, 2023.
Apple Inc.’s (NASDAQ: AAPL) stock gained 1.35% and the company will report quarterly earnings in this earnings week on August 3, 2023. As per recent reports, the United States smartphone shipment size contracted by 24% year-over-year in Q2 2023 amidst lower upgrade rates. Wall Street is curious about upcoming earnings as the Feds already hiked the interest rates, deepening the macroeconomic scenario.
Apple Inc. (AAPL) Stock: Financial Analysis
The drop in U.S. smartphone shipments has continued for the last three quarters. Major Android brands like Motorola, Samsung, and TCL-Alcatel registered a steep decline, while Apple’s data remained resilient. Hence, the iPhone manufacturer’s shipment shares swelled up.
The U.S. job reports for July 2023 will be released on August 4, 2023. The market is entering August 2023 with impressive economic data. Also, there was a noticeable pace in economic growth. Even the inflation seems to be cooling down; Fed raised the interest rates to a 16-year high.
Competing with streaming giants like, Netflix, Amazon Prime, and others, Apple received 54 Emmy nominations. Ted Lasso became the most Emmy-nominated comedy series in the last three quarters. Moreover, a documentary called STILL: A Michael J. Fox Movie received the most nominations.
Apple Inc (NASDAQ: AAPL): Technical Analysis
At press time, AAPL stock is trading at $195.83 with a jump of 1.35%; previous close and open were at $193.22 and $194.67, respectively. The 52-week range is from $124.17 to $196.62, respectively. With an average volume of 61.34 Million shares, the market cap is $3.08 Trillion.
The trailing twelve-month (TTM) price-to-earnings (P/E) ratio is 33.25, indicating a high-valued stock price. At the same time, the (TTM) earnings per share (EPS) is $5.89, showcasing strength. Analysts placed a 2.75 rating for moderate buy and estimated a price target at $190.06 with a 2.9% downside.
Apple Inc. announced its last earnings on May 4, 2023, where the reported revenue of $94.836 Billion surpassed the estimated value of $92.906 Billion. Compared to the previous quarter, revenue fell by 2.51%. At the same time, the reported earnings of $1.52 per share also exceeded expectations by 6.36%. These positive earnings caused the share price to gain 5%.
The subsequent earnings will be reported on August 3, 2023, where earnings shall be $1.194 per share and revenue will be $81.735 Billion—a considerable drop in both values from the previous quarter. It would be a 1% drop in EPS year-over-year (YoY) and a 2% fall in revenue. With the launch of the iPhone 15 around the corner, investors hope for better returns.
Operating expenses gained 8.57% while operating margin (TTM) jumped by 29.16%. Quarterly revenue growth (YoY) fell by 2.50%, and gross profit (TTM) is $170.78 Billion. Total cash in hand at the end of the most recent quarter (MRQ) is $55.87 Billion, while total debt is $109.61 Billion.
Apple Inc. (AAPL) Stock: Candle Exploration
Since March 2023, AAPL’s share price has increased, showcasing strength. The current price is brushing the 52-week high, and positive earnings could make it break the barrier. Though experts estimate these earnings might not be as good as the last one, there could be a drop.
The APPL’s share price is far away from 200EMA and a bit far from an overstretched 50EMA. With RSI getting close to the overbought zone at 65.43, the stock price might drop to the immediate resistance at $186.21. Being a significant stock in the U.S. market and considering the trend of the last few months, the possibility of a rally is more.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets and stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
