Apple, after the bell on Thursday, will report fiscal third quarter earnings which, as usual, will be a consumer health bellwether and “critical for markets,” experts say.
“This week’s Apple earnings report is critical for markets, as Apple is not only the market’s most valuable company, it’s also a litmus test for consumer spending, which so far has been keeping the economy afloat, but we have been seeing some signs of a consumer slowdown,” Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, wrote on Monday.
The latest GDP report showed that personal-consumption expenditures increased by 1.6% in the second quarter, which was a drop from the first quarter’s 4.2% increase. Shoppers spent more on services than goods in the period.
Consumers have felt their wallets pinched as inflation remains stubbornly high… “Apple’s earnings give a good indication on the state of the consumer and investors will be looking to see if Apple’s quarterly year-over-year revenue continues to decelerate,” Landsberg added.
Wall Street analysts surveyed by FactSet expect the iPhone maker to report third-quarter revenue of $81.47 billion, which is a decline from the $82.96 billion in the same period last year.
MacDailyNews Note: Also of interest, see “Four Reasons Why Apple Could Soar To New Highs In Q3” by Thomas Hughes, MarketBeat, July 20, 2023.
As always, we’ll have Apple’s results on August 3rd 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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