Apple’s (NASDAQ: AAPL) share price hit $199.62 on December 11 last year. The price started relentlessly from $59 in November 2019. It was easy money for people who bought the stock then or as it rose over the four years—those easy money days started to end late last summer. It may be a coincidence, but the iPhone 15 was launched on September 12, 2023. Since then, anxiety about its success, particularly in China, has weighed on its share price. Warren Buffett recently sold Apple shares.
Apple’s management has tried to argue that its hardware business is less and less critical to its financials. There is some strength to that position. Apple’s revenue rose only 2% in the most recent quarter to $119.6 billion. EPS was up 16% to $2.18. CEO Tim Cook said Apple’s active installed base topped 2.2 billion. It is from this installed base that Apple’s quick-growing Services business gets its growth. In the quarter, Services revenue rose 11% to $23.1 billion.
iPhone revenue for the quarter rose 6% to $69.7 billion, which showed the iPhone 15 was not a blistering success. And revenue from Mac and Wearables retreated. That means two of Apple’s five divisions retreated. The iPhone could not carry enough revenue weight, so Apple’s hardware growth was at least reasonable.
China was a huge disappointment. Revenue in the most recent quarter dropped from $23.9 billion in the year-ago quarter to $20.8 billion. Apple calls the region “Greater China”. Analysts warned early this year that Apple’s market share might be slipping. Apple needs China to be a strong region. It tops the list of nations based on smartphone sales—over 900 million Chinese own one.
Optimists about Apple’s future would like to see its share break above $200, but That may never happen.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying 1.5%, 2%, and even 5% cash back today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Or you can jump straight to our top pick today which pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.