Apple Inc. share price corrects as revenue slows
Despite a minor dip in quarterly revenue, the company's earnings per share have risen, and its Services sector has achieved record revenue.
Key Takeaways:
- Apple Inc. reported a slight decline in quarterly revenue, although the company's earnings per share have increased.
- The Services sector of Apple experienced record-breaking revenue during the June quarter
- Apple's active devices in use reached an all-time high across all geographic segments, demonstrating the company's widespread popularity and market presence.
- The company generated a strong operating cash flow of $26bn and declared a cash dividend for shareholders.
Apple Inc. (AAPL) recently unveiled its fiscal third quarter results for 2023, ending on July 1, 2023. The tech behemoth reported a quarterly revenue of $81.1bn, a slight 1% decrease from the previous year's comparative figure.
However, the June quarter was a record-breaker for the Services sector, driven by over 1 billion paid subscriptions. Robust iPhone sales in emerging markets also played a significant role in bolstering the company's overall strength during this quarter.
Business performance in the June quarter showed a year-over-year improvement from the March quarter. Additionally, the number of active devices in use reached an unprecedented high across all geographic segments.
In this quarter, Apple generated a robust operating cash flow $26bn and announced a $0.24 dividend per share of the company's common stock. This dividend will be payable on August 17, 2023, to shareholders of record as of the close of business on August 14, 2023.
In conclusion, Apple Inc. (AAPL) has shown resilience and potential for growth in its fiscal third quarter results of 2023. Despite a minor dip in quarterly revenue, the company's earnings per share have risen, and its Services sector has achieved record revenue.
Apple Inc. – trading view
The share price has accelerated a pullback from near term highs following the release of Apple’s Q3 2023 results. The long-term trend does however remain up as we see the price still trading firmly above the 200-day simple moving average (blue line).
Trend followers might look for long entry on confirmation that the pullback has ended. A bullish price reversal around either the 181.70 or 176.40 support levels might provide such an opportunity. In this scenario, 197.95 would become a longer-term upside target, while a close below the reversal low might be used as a stop loss consideration.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
