Apple Inc. (NASDAQ:AAPL) has been one of the best tech stocks for decades now, but the crisis unleashed on the markets by the coronavirus crisis did not spare it either. The stock had hit a high of more than $327 per share in February, but since then, it has declined by as much as 15%.
What to Watch?
The company is scheduled to announce its financial results for the quarter on April 30, and that will provide the necessary into its business. Considering the fact that the stock is down, it is worthwhile to figure out if it is going to be worthwhile to pick up the Apple stock ahead of its earnings.
Wall Street is expecting the company to deliver a disappointing result in the fiscal second quarter. The tech giant had withdrawn its projections for the quarter earlier, and that had been the clearest sign about the problems Apple was facing due to the lockdowns in China.
The supply of the iPhone was affected, and in addition to that, sales were impacted as well as the company moved to close down its stores. The virus eventually spread to the United States as well, and it is a fair assumption that its sales suffered in its home market as well.
The average of analysts’ estimates suggests that the company is going to generate $56.6 billion in revenues in the quarter, and that reflects a decline of as much as 15% year on year. Considering the current volatility and turmoil in the markets, it is quite impossible to say whether the Apple stock is going to gain on earnings day or not.
However, it should also be noted that it remains one of the biggest tech companies in the world, and investors who have a long term outlook could consider investing in the stock at this point. The Apple stock could prove to be a bargain for many investors amidst this crisis.