Apple Is Not Immune After All

Feb. 03, 2023 10:50 AM ETApple Inc. (AAPL)20 Comments


  • Apple's revenue was weaker than expected due to FX headwinds, difficult macro environment, and supply chain disruptions as a result of Covid-19 restrictions in China.
  • Guidance was light as the market was disappointed when the company guided a weak March quarter that will look similar to that of the December quarter.
  • Management reiterated that the supply chain is where it needs to be and supply of products is sufficient in the current quarter.
  • India presents an opportunity for Apple in the form of growth and an alternative production base.
  • I am of the view that earnings revisions from sell-side analysts face downside, and I remain neutral on Apple in the near term.
  • This idea was discussed in more depth with members of my private investing community, Outperforming the Market. Learn More »

Flat Lay of different apple products on a grey background.

Shahid Jamil

While I do not think that Apple's (NASDAQ:AAPL) first quarter of FY2023 was a big disappointment, it did show the rare vulnerability that Apple investors are probably not used to.

I have been neutral on Apple shares for

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