On Friday, Apple’s Stock price rose by 7 per cent following the news that the company had beaten wall street analysts’ sales projections by recording an 8 per cent gain in its fiscal fourth quarter compared to last month.
According to reports, the company posted sales of over $90 billion. Its profits also reached $20.7 billion, which was less than a percentage gain from the same period last year. The financial report also showed Apple’s products sales growing by 9 per cent year-over-year to nearly $71 billion. Although this was a decline in growth rate compared to last year, the current macroeconomic factors, such as inflation, made the market’s slight underperformance acceptable.
The report also showed Apple products such as Macs and iPhones outperforming the markets, despite an overall sharp downturn in the personal computer and smartphone markets. The Mac sales surged by 25 per cent to $11.5 billion. The iPhone revenue was also on the rise, recording a 10 per cent increase to $42.6 billion. The company’s high-margin services also saw a growth of 5 per cent to finish the quarter with $19,2 billion.
Apple Stock Price Forecast
Following the latest Apple financial report and the recent price action of the Apple Stock price, I expect Apple’s stock price to continue with its current bullish trend. Currently trading at $155, there is a high likelihood that we might see it rising to hit the $177 long-term supply level.
The latest financial report shows that Apple has not been affected by the recent market uncertainty, such as inflation. Therefore, there is a high likelihood that we might continue to see growth in the markets regardless of what happens with the economy. Therefore, the likelihood of Apple stock trading above $200 is high. A trade below $140 will invalidate my bullish analysis.
Apple Daily Chart
