Up Over 20% in 2023, Apple Is Still an Ultimate Bear Market Stock
The pandemic and 5G-fueled spending spree is over. Smartphone sales have plummeted compared to where they were in 2021 and early 2022, and companies highly reliant on these device sales are languishing.
After reporting a nearly 11% decline in tech device sales in 2022, tech researcher Gartner expects a further 5% decline in 2023 -- most of which is expected to occur in the first half of this year before rallying in the second half.
Apple (NASDAQ: AAPL) had been reporting resilience in its iPhone business up until the most recent quarter, but even the company's premium mobile phones are getting caught in the scuffle now. Still, Apple stock has rallied over 20% so far in 2023. It remains an ultimate stock to own if the bear market of 2022 continues into 2023. Here's why.
Source Fool.com
