Double-digit growth predicted for Apple

Asia's Tech News Daily

Double-digit growth predicted for Apple
© Provided by City AM

Apple expected to announce “double-digit revenue growth” despite supply chain and iPhone lag.

As the largest company in the world, with a market capitalisation of $2.42tn (£1.76tn), Apple has built a loyal customer base and the company’s stock has risen 402 per cent over the past five years.

In September, it unveiled the latest generation iPhone 13, the Apple Watch Series 7, as well as new versions of its iPad and iPad mini.

Whilst there has been robust demand for the products, like many companies, Apple have faced supply chain issues. This is already something that has been flagged in July earnings call, where Apple warned investors that supply could affect the iPhone and iPad in the latter half of the year.

The Wall Street consensus expects Apple to report total quarterly revenue of $85bn (£62bn), and earnings-per-share of $1.23.

However, Morgan Stanley analyst Katy Huberty predicts that Apple will exceed this expectation, citing the ongoing demand for the iPhone and outperformance their services sector.

Echoing this point, Samik Chatterjee, an analyst at JP Morgan, stated the fund group was establishing a December 2022 price target of $180, and said in a note: “We see upside on several aspects of the business as well as financials that remain underappreciated by investors, namely the transformation of the company to Services, growth in the installed base, technology leadership, and optionality around capital deployment ― all of which together lead us to expect double-digit earnings growth and a modest re-rating for the shares.”

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