iPhone shipments in China increase by 52%, boosting Apple share performance

From Nasdaq: 2024-05-28 17:18:00

The ‘Magnificent 7’ group has been in the spotlight lately due to strong quarterly results and positive price action. However, Apple’s shares have only increased by 8% in the last year, lagging behind the broader market’s 28% gain, with concerns over China sales affecting performance. On the bright side, iPhone shipments in China rose 52% last month, boosting share performance.

Apple’s latest quarterly results were promising, beating EPS estimates by 1.3% and sales expectations by 1%. The company announced its biggest buyback in history of $110 billion and a 4% increase in the quarterly payout. Earnings expectations have improved, with 7% year-over-year growth predicted for the current fiscal year.

Looking ahead, Apple’s shares have shown strength post-earnings, gaining nearly 10% in the last month. Despite not performing as strongly as other ‘Magnificent 7′ members, Apple’s solid fundamentals and cash-generating abilities make it a compelling choice for many investors.

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Read more at Nasdaq: iPhone Shipments in China Soar: Are Apple Shares a Buy?