Diksia.com - Tech giant Apple stock was observed to have risen 2.3% to 193.97 at the Wall Street close on Friday afternoon (January 30, 2023).
The surge extended Apple’s stock rally this week, pushing it to $3.05 trillion in market capitalization and making history. It was the highest-valued tech stock for the month, according to Refinitiv data.
Apple’s stock began to recover on the back of low inflation in global markets, but the situation was further aided by the Chinese government’s easing of regional isolation after the recovery from COVID-19.
For this reason, Apple’s factory output increased significantly, driving the movement of the company’s stock on Wall Street.
“Apple is growing and diversifying its revenue streams, running a friendly business, disposing of its dividends, and showing strong and sustainable growth,” said Art Hogan, chief market strategist at B. Riley Wealth. We have a strong balance sheet with cash flow available.”
Throughout 2022, before Apple’s stock skyrocketed, the California-based company experienced a downturn due to declining sales of Apple’s latest phone, the iPhone 14.
The decline also impacted Mac product sales, which fell 28.66% to $7.74 billion.
Meanwhile, sales of other Apple products fell 8.3% to $13.48 billion. Until then, Apple had posted only about $117.2 billion in earnings in its quarterly earnings.
Apple CEO Tim Cook has revealed that there were three factors hurting the company’s sales, including a strong dollar due to a sharp rise in benchmark interest rates in global markets.
Also, production issues at the China factory delayed the sales process for the iPhone 14 Pro and iPhone 14 Pro Max.
Apple, a Cupertino-based mobile phone company, has adhered to a policy of no layoffs for the past two years, but fears of Apple’s growing losses forced the major mobile phone giant to cut jobs for the first time. rice field.
Not only that, Apple Inc. has removed the Bitcoin White Paper cryptographic service from its macOS Ventura 13.4 Beta 3 system to reduce operating costs amid global economic turmoil.
