Apple shares rose 7.5% the previous day, boosted by a positive quarterly report. revenue and profit numbers beat analysts’ expectations, indicating that demand for the company’s products remains strong. This is Apple’s best daily performance since April 2020.
Most of the tech giants released reports this week. Meta* and Alphabet’s results were weak due to a difficult and unfavorable macroeconomic environment for the digital advertising market. Apple has also admitted to slowing growth and weakening its services business, but analysts are generally positive about its performance. The company managed to increase sales by 8% in the quarter, which was not hindered by the upcoming difficulties of the epidemic.
Mac revenue rose 25%, while PC sales for other brands fell sharply. Apple has warned that demand for premium computers and phones remains high. The company’s finances slightly beat Wall Street analysts’ expectations, but it was enough to maintain its safe-haven status for investors trying to hedge against inflation and a possible recession. Neither the negative macroeconomic factors nor the strong dollar hindered Apple’s sales growth.
* It is included in the list of public associations and religious organizations, in relation to which the court has entered into force the order to dissolve or ban the activity on the grounds provided by the Federal Law for extremist activities.