Apple Inc. (NASDAQ:AAPL): Apple Stock May Be Breaking Out As Outlook Improves For iPhone Sales

 


Apple stock is retesting a weak trendline resistance at around $156 as "Apple’s earnings were a lot better than they look", per Yahoo Finance.

Production of the iPhone 14 Pro/Max is back to normal and sales should pick up in the current quarter. “For iPhone, we expect our March quarter year-over-year revenue performance to accelerate relative to the December quarter year-over-year revenue performance,” Apple's CFO Maestri said during the earnings call.

A breakout could send the stock higher to retest $164.44.

Here are some key takeaways from Apple's fiscal Q1 2023 financial results:

- Apple said that it's hard to estimate the recapture of lost demand for iPhone 14 Pro/Pro Max in the December Quarter, but mentioned that iPhone‌ revenue would have grown in Q1 2023 had it not been for the supply shortage.

- Apple's Services business hit an all-time revenue record while its iPhone installed base is at an-all time high.

- Apple’s gross margins are also expected to come in between 43.5% and 44.5% in the coming quarter, thanks to higher average selling price.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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