Apple stock price today: iPhone 7 release may infuse a new life into Apple
Apple stock price seems to be on an upswing in the past few weeks after going down sharply towards the end of April and May.
Exactly three months ago, Apple stock price was $105 on April 25. But merely three days later it had slid to $93 and went down further to $90 on May 12. Thankfully the slide didn’t continue any longer and the Apple stocks rebounded and went northward.
In the meantime Apple stock price today opened at $98.23. The market seems to be anxiously awaiting the announcement for the fiscal third quarter earnings results. Apple is all set to announce the third quarter earnings result tomorrow and there are reasons to believe that it may either give the stock a boost or precipitate the slide.
Nonetheless there are not many people who believe that the announcement may strengthen Apple stocks. Cupertino based tech giant will project a year-over-year decline in iPhone sales and overall revenue for a second consecutive quarter.
Not much remains mystery as far as the third quarter earnings results are concerned. Apple is expected to announce third quarter revenue between $41 billion and $43 billion, which would be up to 18 percent lower than the $49.6 billion in revenue it posted in the year-ago quarter. The consensus among analysts is around $42.1 billion in revenue, which is essentially the midpoint of Apple’s guidance.
While Apple’s iconic iPhone sales are going down, there are reasons to believe that the Cupertino based giant has finally crossed one billion units sale of iPhone. It is a great milestone for the smartphone maker. Despite the falling iPhone sales, this may be the only good news for Apple. There is no denying the fact that the decline has affected Apple shares, which are down around 21 percent from a 52-week high of $123.91. Analysts believe an improvement in Apple’s fortunes with the launch of iPhone 7 that is expected to hit shelves before the end of the year.