How to Trade Apple’s Q4 Earnings This Week

Apple is the latest tech giant to report earnings with its fourth quarter results on Thursday this week.

AAPL – Weekly Chart
AAPL – Weekly Chart

AAPL traded at $170.11 on Tuesday, and the stock is holding the September low. The overhead resistance and first target would be $182. If the earnings disappoint, the stock could reach the $150 range if the Nasdaq continues its bearish move. 

Apple’s shares have dropped almost 14% from the all-time high when it registered a three-trillion market cap in July. Softer demand from China could have a significant impact on Apple’s September-quarter performance. Still, its service revenue is expected to accelerate further.  

In the June quarter, Apple topped expectations for earnings per share and revenue expectations as sales in China, Hong Kong, and Taiwan jumped 8% from a year earlier. 

However, the company’s year-on-year revenue growth declined for the third consecutive quarter, down 1% due to a sharp fall in iPad sales and weaker demand from American consumers.  

Notably, iPhone sales, which account for around 50% of company revenue, declined by 2.45% year-on-year. iPad sales were slower, with a 20% slowdown year-over-year as consumers tightened their belts. 

A bright spot for the company continues to be its service revenue, which includes the Apple Store, AppleCare, iCloud, etc. The segment posted has improved 8.2% over the last four quarters. Apple TV, AppleCare, Apple Payment, and iCloud all saw record revenue in the June quarter, highlighting the strong momentum in the segment. 

Investors will be keen to see how the iPhone 15 has performed for the company, especially in China, where a September ban on the handsets by the Chinese government rattled the stock. 

Wall Street is expecting to see earnings per share of $1.39, up 8% year on year. Revenue is expected to have declined by 1% compared to a year ago to $89.31 billion. iPhone sales are expected to have risen 2% year-on-year, while services should add further gains for an 11% year-over-year performance. 

Apple hosted a “Scary Fast” streaming event on Monday night, announcing the release of an upgraded line of Macs and MacBooks with its next-generation M3 chips. The new processor will provide the fastest-ever performance and will be another revenue driver into the year-end. 

The broader market will also be an essential indicator for Apple’s stock, with a recent slump in tech shares adding to the bearish tone at the likes of Apple.

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