Market Analysis: Apple Stock Plunges 2% Despite Better-than-expected Sales

FXOpen

Yesterday, after the close of the main trading session on the stock exchange, the largest company by capitalization reported for the quarter.

  • AAPL EPS of USD 1.26 (expected $1.195);
  • Gross revenue was USD 81.8 billion (as expected);
  • The decline in iPhone sales was offset by strong sales in the services segment (which includes Apple TV+) and sales in China, which were up 8% year-on-year.

However, AAPL's share price fell in premarket today, probably because market participants are concerned about:

  • a forecast for a further decline in iPhone sales;
  • vague prospects for the release of a new product Vision Pro;
  • Apple's rising R&D spending reaching USD 22.61 billion a year.

The capitalization of the company fell below USD 3 billion.

The AAPL stock price chart shows that the price has not reached the psychological level of USD 200, while the market may be supported by:

  • the lower limit of the rising channel, within which the price has been moving since the spring of 2023;
  • the level of USD 176 per AAPL share – the price repelled from it in June.

The opening of trading is expected at the level of USD 187. According to MarketWatch analysts, the target price for AAPL shares is USD 195.00.

Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Shares

Coinbase (COIN) Stock Price Holds at Key Support Level The Share Price of Alibaba (BABA) Has Reached Its Yearly High The Stock Price of PepsiСo (PEP) Is Retracting from Its Yearly High Moderna goes AI and experiences share price rally Rivian Stock Goes High as Q1 Report Anticipation Mounts

Latest articles

Indices

Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High

The tech-heavy Nasdaq 100 index (US Tech 100 mini on FXOpen’s TickTrader platform) reached a new all-time high on Monday, closing the trading session at 18,684.2 according to FXOpen pricing, fueled by renewed investor enthusiasm for technology

Commodities

Gold Price Reaches Historic High

According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister

Forex Analysis

Commodity Currencies Retreat from Local Highs

Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.