Apple and other tech stock futures fell more than 1% on Wednesday as Microsoft led the decline in tech stocks after it forecast cloud earnings lower than Wall Street estimates for the quarter.
Microsoft Corp shares fell 2.1% in pre-market trading after warning that growth in its cloud business, which helped meet analyst expectations in the second quarter, could stall.
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Other big growth stocks, including Amazon.com Inc, Tesla Inc, Apple Inc, and Alphabet Inc, also fell between 1% and 2%.
Sophie Lund-Yates, Lead Equity Analyst at Hargreaves Lansdowne, wrote in a client note:
“Despite rising interest rates slowing and renewed hope that inflation may peak, buying a new laptop and the software that comes with it is not currently a priority for many people. is not.”
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We’ve been covering Apple on these pages for over 20 years, and we’ve seen them weather multiple downturns.
While consumer spending is declining, it’s non-Apple technology companies that are most at risk. And during periods of stock price decline, Apple’s massive share repurchase program is even more effective at canceling shares and helping shareholders. – MacDailyNews, October 4, 2022
Apple’s consumer demographics suggest resilience even in the midst of inflation. Additionally, the profit margins are very high, giving the company plenty of flexibility to absorb price increases should the need arise. – MacDailyNews, November 11, 2022
The major technology company most resistant to inflation and recession is Apple thanks to its excellent customer base. – MacDailyNews, October 27, 2022
Apple iPhone customers are the most recession-proof smartphone buyers. — MacDailyNews, September 7, 2022
The same is true for Mac, iPad, Apple Watch, and Apple Services customers (personal computers, tablet computers, smartwatches, and subscriptions), respectively. – MacDailyNews, October 13, 2022
When your money becomes a bigger concern, you’ll want to spend it wisely…if it’s not an iPhone, it’s not an iPhone. Plus, if it’s not an iPhone Pro, it’s not an iPhone Pro. – MacDailyNews, October 27, 2022
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