AAPL - Apple Sales Are in Decline but 1 Other Stock Is Taking It on the Chin
2023-11-09 09:17:00 ET
Unlike the Android smartphone market that's starting to bottom out, Apple (NASDAQ: AAPL) products are still in a bit of a downturn. Sure, the iPhone 15 looks like a hit, and MacBook demand is bottoming, but other products are still coming off of peak sales levels in 2022 as consumer spending cools.
That's having an outsized effect on Apple suppliers, and especially wireless connectivity chip specialist Skyworks Solutions (NASDAQ: SWKS) . The stock keeps falling and by some metrics looks dirt cheap, but there might be better ways to play the next bull market for mobile technology.
Apple reported a modest year-over-year uptick in iPhone revenue (up 2.8%) during its final quarter of fiscal 2023 (the three months ended in September), ending a not-so-great year for Apple's bread-and-butter product. To kick off fiscal 2024, management said the iPhone 15 is a hit, and momentum will continue through its next quarter (the three months ending in December 2023).
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Apple Sales Are in Decline, but 1 Other Stock Is Taking It on the Chin