Home
News
- 1 Apple (NYSE: AAPL) announced its third-quarter financial result on July 1, 2023.
- 2 AAPL reveals its third-quarter revenue of $81.8 Billion which is a downgrade by 1% from the previous year.
Apple announced its fiscal third-quarter results on August 3, 2023, surpassing Wall Street’s expectations for both revenue and earnings. The company reported quarterly revenue of $81.8 Billion, a slight decrease of 1% from the same period last year, and earnings per share of $1.26, an increase of 5% from the previous year.
The revenue was driven by a new record high of $20.8 Billion in services, which grew by 5% year over year and had over 1 Billion paid subscriptions. The iPhone revenue also exceeded analysts’ estimates, reaching $39.9 Billion, despite a 4% decline year over year.
Apple attributed the strong iPhone sales to its performance in emerging markets. On the other hand, the iPad and Mac revenues declined by 11% and 13% year over year, respectively, to $6.4 Billion and $6.6 Billion.
Apple blamed the chip shortage and the high demand in the prior quarters for the lower sales of these products. The company also declared a cash dividend of $0.24 per share, payable on August 17, 2023, to shareholders of record as of August 14, 2023.
Apple did not provide any guidance for its fiscal fourth quarter, citing the uncertainty caused by the Covid-19 pandemic. It only gave some hints for analysts to forecast its performance, such as expecting a lower revenue growth than the June quarter due to foreign exchange headwinds and supply constraints.
The Apple Stock Price Technical Analysis
The price of AAPL has traded beyond the 200-day and 50-day simple moving averages showing the influence of bulls in the market. However, if bulls continue to push the market higher, AAPL stock price can advance more and go into an upward trend. Moreover, the bullish cross confirms the up trend.
AAPL is showing signs of bullishness, as the RSI line is close to 50, which means that the stock is not overbought and has room to grow. The 14-day SMA line is also above the current price, which suggests that the stock is in a positive trend in the short term.
The MACD line and the signal line are both above zero, which indicates that the MACD is positive and that the stock may continue to rise in the near future. However, the MACD line is below the signal line, which means that the MACD is neutral and that the stock may face some resistance or consolidation.
The Supertrend indicator is green, which confirms the bullish sentiment and implies that the stock is likely to maintain its upward momentum. This offers potential opportunities for traders and investors who want to benefit from the stock’s strength.
Conclusion
Apple had a good third quarter in 2023, beating expectations for revenue and earnings. Its services and iPhone sales were strong, but its iPad and Mac sales were weak. It faced some challenges, such as the chip shortage and the pandemic, and did not give guidance for the next quarter. Apple stock was bullish, as it was not overbought and had room to grow. It was in a positive trend in the short term but may face some resistance, or may consolidate.
Technical Levels:
- Support Level is $182.44.
- Resistance Level(s) –The current resistance levels are $194.64 and $200.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
