The tech giant Apple Inc. is expected to enter the upcoming fiscal year with impressive performance. Upcoming sales of Apple products on Balck Friday sale and Christmas likely to elevate the ongoing growth. And the company’s growth is clearly visible on its valuation, revenue and so on to its stock price.
Apple’s price has shown bullish moves in recent weeks as the price recovers 13% from the bottom. In the previous month, the company delivered its quarterly results above the estimation, resulting in a surge in the APPL stock price. In a short while, after the stock has witnessed a correction following the dividend adjustment which leads to some fall, despite that, now the stock is ready to test new highs.
The first resistance is $150, and the immediate support is $142.
The stock is trading above 20, 50 and 100 days EMA, relatively a considerable bullish signal.
source – TradingView
“Sale” Expected to Boost Apple Products Sales
On Friday, November 25th, 2022, the Balck Friday sale is likely to take place. Buyers might also be ready with their wishlist. Consumer price index report of October month already indicated softening of inflation could act as a catalyst. These factors might act towards Apple sales but APPL stock could also witness the same.
Given the stock price down over 18% year to date—with room to increase following the sales—becomes a choice for investors. Moreover, the last released earnings report showcased the significant performance of the company during the quarter. Overall revenue was about 28 billion USD while operating cash stood at 18 billion USD.
TheCoinRepublic reported earlier the significant jump in earnings per share of APPL stock. EPS was reported 6.16 USD for the year, up from previous year’s 5.67 USD. While the revenue remained up by 7.8% at 394.3 billion USD and net income 99.8 billion USD with a 5.4% surge from 2021. Along with this, the profit margin of Apple stood at 25%, similar to the previous year’s.
Future Outlook Makes APPL Stock Favorable
Apple forecasted to witness a 2% increase in its earnings per share year over year in 2023 while up to 8% in 2024 reaching 6.76 USD. The company is expected to report 3% growth in sales by the next year and 5% in FY24 worth up to 429.12 billion USD. Given the estimated levels attained, the sales figures would be up by 65% from 260.17 billion USD worth sales in 2019.
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/2022/11/22/apple-appl-stock-likely-to-gain-pace-following-upcoming-sales/