Apple, set to close out Big Tech earnings Thursday after the market closes, looks to extend Big Tech’s largely positive winning streak.
Shares of Apple have soared nearly 31% in 2023, though the stock is up just 2.4% over the past 12 months. The S&P 500 is up 7.7% this year and down 3.9% in the past 12 months.
So far, Big Tech earnings have been fairly positive. Reports from Microsoft, Alphabet, and Meta Platforms were mostly well received by Wall Street. Amazon.com ‘s results topped estimates but a weak outlook around the cloud sent shares falling. Apple investors are hoping the firm follows in Microsoft’s footsteps, and not Amazon’s.
“With Big Tech showing impressive resiliency during earnings season the last few weeks now the baton is handed to Cook as investors all look towards Apple’s Thursday night print/guidance with the tech finale on 1Q,” Wedbush analyst Dan Ives wrote on Monday.
For Apple’s fiscal second quarter, the consensus among analysts polled by FactSet calls for earnings of $1.43 a share. Analysts expect sales fell 4.5% to $92.91 billion.
Ives rates Apple at Outperform with a $205 price target.
MacDailyNews Note: As always, we’ll have Apple’s results on May 4th right around 1:30 p.m. PT / 4:30 p.m. ET. followed by live notes from Apple’s conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET.
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