Looking at several indicators to gauge the growth of a company, Apple Inc. (NASDAQ: APPL) seems to be at the top. The company is not only beating its competitions but also standing ahead of the giant companies across industries. Since the start of the year where many prominent firms witnessed stock price tumbling, Apple stock price performed comparatively better.
Take for instance Google’s parent company Alphabet Inc., Amazon and Meta Platforms like companies whose stock price dropped 37%, 47% and up to 65% respectively. In contrast, APPL stock did not lose enough parity from its all time high.
Today, the iPhone manufacturing company holds a market cap of a whopping 2.28 trillion USD. It stands firm in terms of profitability too while others reported decline in profits. Although the earnings did not achieve any significant height above the estimates but remained closer. On the other hand, many industry leading companies reported less profitability and weak guidance for performance in upcoming years,
Apple Stock Price Chart Movement
APPL stock failed to escape the 100 day exponential moving average on 13 December. Buyers witnessed 0.68% drop last night when bears are becoming aggressive at the $150 resistance zone. Trading volume also increases during bearish trends, which is not good for the current circumstances.
Currently Apple stock is trading at 143.21 USD after a drop over 1.55% in the last 24 hours.
Analysts consider multiple factors behind the growth of the company. One such significant reason is the stock buyback program of Apple. By now, the company bought back shares up to 90 billion USD. Since 2013, it has bought back over 550 billion USD worth shares till date.
Testing the Waters Make Apple Relevant
In addition, the technology giant is not limited to internal research and development, rather, it also explores different sectors seeking opportunities for new ventures.
The company was reported to gain ground within the finance sector. Its financial product worked as iPhone’s digital wallet—Apple Pay—is said to witness growth of 52% in the yearly time frame. This includes its adoption within both in-store proximity as well as online payments using apple devices.
Rising users of Apple’s digital wallet clearly indicates a threat of occupying the existing user base of PayPal. The users of the former were reported to increase while the users of the former were on decline. Yet it’s not easy to beat PayPal in its own game given several competitive advantages. For instance, it still holds 16% of the total market share within the e-commerce space in contrast to only 5% for Apple Pay.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/15/apple-stock-price-leverages-companys-growth-strategies/