Apple beats Wall St expectations, but landscape remains tough
US market fell in latest trading session on regional banking pressure, but futures look brighter
British Airways owner posts small quarterly profit for first time since pandemic
Brent crude at $73 a barrel as higher recessionary risk and supply increases feed into 9% weekly drop in the price
Table of Contents show
apple beats expectations
pressure on regional banks
brent crude sees a 9% drop in price
Apple Beats Expectations
Nerves were high going into apple Inc (NASDAQ:AAPL)’s results, following serious supply chain problems and a weakening consumer backdrop. Overall revenue in the second quarter was lower than the same time a year ago, but better than expected.
The beat reflected a quarterly record for iPhone sales, but other hardware declined. Apple is one of the very few big tech companies that hasn’t announced sweeping job cuts, which is partly linked to the less bloated business model.
The group’s impenetrable brand is also holding it in good stead, but the overarching theme of these numbers is that consumers are very much starting to pull back on buying bigger-ticket items.
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Apple can take the rough with the smooth, but the chances of share price sensitivity are heightened, because it’s becoming increasingly difficult to read the blueprint of demand.
Pressure On Regional Banks
Apple’s beat has fed into some optimism on the US markets, with futures edging slightly higher. The overall mood music is a little downcast though, as some renewed regional banking pressure and recessionary fears