From Nasdaq: 2024-05-01 12:58:00

Apple is set to release second-quarter fiscal 2024 results on May 2. The tech giant’s shares have declined recently but are expected to beat earnings estimates. ETFs with significant exposure to Apple are in focus ahead of the results. Analysts have a positive outlook for Apple due to a strong track record of earnings surprises and positive estimate revisions.

Apple is facing concerns about iPhone sales, especially in China where competitors are gaining ground. Preliminary data shows a decline in iPhone shipments globally, leading to Samsung surpassing Apple in sales. Apple’s sales in China specifically dropped sharply as competition from domestic brands intensified. Analysts are closely monitoring Apple’s iPhone sales performance.

Tech ETFs like XLK, VGT, FTEC, IYW, and MGK are in focus due to their significant exposure to Apple. XLK holds key technology stocks, VGT tracks the MSCI US Investable Market Information Technology Index, FTEC follows the MSCI USA IMI Information Technology Index, IYW gives exposure to U.S. electronics and technology firms, and MGK provides diversified exposure to large growth stocks.

Investors are watching Apple closely as it faces challenges in the smartphone market, particularly in China. Samsung has overtaken Apple in global smartphone sales, while Apple’s sales in China have declined significantly. The tech giant’s performance in the ongoing quarter will be crucial in determining its future sales growth and market competitiveness.



Read more at Nasdaq: Will Apple Beat on Q2 Earnings Amid iPhone Slump? ETFs in Focus