Apple Loses Steam, but iPhone Demand Remains Strong -- Is the Stock a Buy?
Apple (NASDAQ: AAPL) beat Wall Street expectations for its third quarter of fiscal 2022 (the three months ended on June 25). Revenue was $82.96 billion (versus $82.97 billion estimated, no worries fretting over a $10 million miss) and earnings per share were $1.20 (beating the $1.16 consensus among analysts).
Apple has been a bulwark this year. Shares have rallied in recent months and are now down just 13% so far in 2022 -- not bad for a bear market. Other tech giants have said in recent weeks that consumer electronics (smartphones included) are headed for a big cool-off in the second half of this year. This appears to be impacting Apple in some areas too, but the flagship iPhone segment is bucking the trend and holding strong. Is Apple stock and its premium price tag a buy at this juncture?
First, let's acknowledge that Apple's overall results were impressive considering the issues it's been facing around the world. Supply chains are a mess (particularly in regard to the chip shortage) and are constraining supply of some devices.
Source Fool.com
