I am glad I bought shares of AAPL yesterday and raised my holdings up to 100 shares. Now I will be collecting dividends and premiums from covered calls. I will be wheeling the holdings and collecting even more premiums.
As soon as I bought it, the stock reported record earnings. Despite people freaking out about a recession that may not last or come at all. I think we are in a recession (defined by a declining economy and GDP), but it is not a recession that would be catastrophic. It is instead an economic slowdown.
Apple proves the economy is strong (remember all the gurus predicting that Apple would miss?).
The stock is now in a rapid recovery, and I expect that tomorrow, it will help push the S&P 500 higher (though I wish we had a pullback).
Apple didn’t lose much during this bear market. It held relatively well compared to other companies (Apple only lost about 24% since January 2022, while most tech companies lost close to 40%). It was probably one of the reasons why the S&P 500 didn’t lose more. Stocks like AAPL simply held it up.
- Revenue: $83 billion versus $82.7 billion expected
- Earnings per share: $1.20 versus $1.16 expected
- iPhone revenue: $40.7 billion versus $38.9 billion expected
- iPad revenue: $7.22 billion versus $6.9 billion expected
- Mac revenue: $7.4 billion versus $8.4 billion expected
- Wearables revenue: $8.1 billion versus $8.8 billion expected
- Services revenue: $19.6 billion versus $19.7 billion expected
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