Apple stock: iPhone Maker warns of holiday slowdown
After delivering better-than-expected results for the September quarter, the consumer electronics giant apple (AAPL) warned of a slowdown in the next quarter of December. However, Apple shares rose on Friday.
The Cupertino, California-based company said late Thursday that it earned $1.29 per share on $90.1 billion in sales. fiscal fourth quarter Ended on September 24th. Year-over-year, Apple’s profits are up 4% while sales are up 8%.
However, in a conference call with analysts, chief financial officer Luca Maestri predicted slower sales growth for the holiday quarter.
“Overall, we believe the company’s year-over-year overall revenue performance will slow during the December quarter compared to the September quarter,” Maestri said. He cited foreign currency headwinds and an expected decline in Mac computer sales.
“On the Mac, in addition to the increased headwinds in FX, we have a very difficult comparison to last year, which benefited from the launch of the newly redesigned MacBook Pro with the M1 and its associated channel filling,” Maestri said. “Therefore, we expect Mac revenue to decline significantly year-over-year during the December quarter.”
Apple stock rises after reporting
Apple also expects the macroeconomic environment to pressure growth in its services business, including digital advertising and gaming, he said.
In the morning trading on stock market todayApple shares rose 4.2% to 150.82 points.
On the earnings call, CEO Tim Cook noted that Apple is supply-constrained in several new products. He said the company was not able to make enough iPhone 14 Pro and Apple Watch Ultra wearable models to meet demand.
At least five Wall Street analysts lowered their price targets on Apple shares after the company’s fourth-quarter financial report.
It was Apple stock Strengthen Over the past 43 weeks with A buy point From 183.04, according to IBD Market Smith Graphs. she has IBD Compound Classification Out of 76 out of 99, he says IBD stock check.
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