Trefis estimates that Apple’s revenue will come in around $123 billion for the quarter, marginally ahead of consensus estimates, which would mark a slight year-over-year decline. Apple faced closure of Foxconn’s “iPhone City” factory complex due to the CCP’s quixotic “Zero COVID” lockdowns, now reportedly abandoned. Trefis estimates that Apple’s earnings will come in at close to $1.99 per share, vs. the analysts’ consensus of $1.97 per share. A beat by Apple of both metrics.
Apple is slated to report its Q1 FY’23 results on February 2, reporting on a quarter that saw the company contend with supply chain headwinds for its flagship iPhones.
At the current market price of $136 per share, Apple stock trades at just over 22x forward earnings, which we believe is reasonable given the company’s earnings growth prospects, and solid balance sheet. Apple should also handle a potential economic downturn better than its tech peers given its ecosystem lock-in, the high desirability of its products, and the ability to upsell to existing customers. We continue to remain bullish on Apple stock, with a $166 price estimate which is about 24% ahead of the current market price.
MacDailyNews Note: On January 27, 2022, Apple announced financial results for its fiscal 2022 first quarter ended December 25, 2021. The company posted an all-time revenue record of $123.9 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
Sigh. I’m sure they will. Won’t make their stuff better, money is not indicative of anything whatsoever (thanks Tim, dollars man. am I allowed to call you a man?), and we seem to have forgotten this from the days when Steve came back to Apple. Is Apple’s stuff good? No, it’s just better than Android, and these days, that isn’t saying much. Silicon Valley died with Steve, and that is a fact. There is not a single visionary left. Not one. This is all a necessary evil in the 21st century; that doesn’t make it good.