Apple Stock Drops, Results Should Above Expectations, but the Outlook Will Set the Tone for the Coming Year
Apple stock is trading at $147.84 as of 09:41 AM EDT.
After the market closes on Thursday, Apple (NASDAQ:AAPL) is scheduled to release its fiscal fourth-quarter results. Wall Street will be listening intently to hear what Chief Executive Tim Cook & Co. have to say about the companys iconic iPhones and other goods sales.
However, reports that Apple (NASDAQ:AAPL) is already reducing the production of its new iPhone 14 Plus and Apples citation of foreign exchange rates as a factor affecting sales this year have increased uncertainty regarding what Apple (AAPL) will say about its outlook during what is always its busiest sales period of the year.
Apple stock outlook
For the September 30th quarter, Wall Street analysts predict Apple will record a profit of $1.27 per share from its revenues of $88.8 billion. Apple generated earnings of $1.24 per share on $83.4 billion in sales during the same period last year.
Apple (NASDAQ:AAPL) will be releasing a seminal quarterly report, according to Dan Ives of Wedbush, as it coincides with persistent, widespread economic concern and Federal Reserve measures to slow inflation. Ives added that Wall Street and investors will use Cooks comments regarding Apples (NASDAQ:AAPL) recently announced iPhone 14 series as a barometer for how demand may develop in the years leading up to 2023.
Erik Woodring recently stated that although he thinks Apple (NASDAQ:AAPL) will beat fourth-quarter sales projections, investors will continue to be concerned about a general industry decline in PC sales. Additionally, Apples (NASDAQ:AAPL) financial results coincide with the companys first price increases for its Apple Music, Apple TV+, and Apple One media package this week.
Apple Stock: Growing Concerns Ahead Of Q4
Featured Image – Megapixl (C) Streetka2004
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