Apple Stock ( NASDAQ:AAPL )
On Thursday, Apple ( NASDAQ:AAPL ) will release its financial data for the first quarter of its fiscal year . The report may lighten the company’s supply chain and its effect on the crucial iPhone.
Apple issued a statement in November expressing concern that interruptions in China caused by the COVID-19 virus might result in decreased sales of iPhone 14. Foxconn, commonly known as Hon Hai Precision (OTCPK:HNHAF), is Apple’s major iPhone producer. Since then, it has seen labor unrest and felt the effects of China’s COVID-19 laws, both of which led to a precipitous decline in revenue in November. Foxconn’s revenue took a nosedive in November. Still, it quickly recovered in December when production at the company’s critical iPhone facility in Shenzhen, China, resumed.
China has also eased travel restrictions and repealed other COVID-19 laws that stifled economic development in the world’s most populous nation.
According to experts, earnings per share for Apple are predicted to come in at $1.96 on sales of $122.05B.
As the global economic picture weakens and recession concerns surface, investors may get insight into the consumer’s health from Apple and its management, headed by CEO Tim Cook.
Even though Apple stock has soared this year, Wells Fargo has lowered its forecast for 2023 because of “growing consumer demand weakness,” given the company’s strong performance so far this year.
Because of “overall demand push-out vs. weakening consumer demand” and “uncertainties o...
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