Technical Analysis Post

Apple Inc (NASDAQ:AAPL) 2024 Q2 Earnings Release : Market Insights, Analyst Forecasts, and Technical Analysis

| 02 May, 2024 at 11:48 GMT

Apple Inc (NASDAQ:AAPL) is set to live stream its Q2 2024 financial results conference call, beginning at 21:00 GMT today, May 2, 2024, via apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks afterward.

In May 2024, Apple’s market capitalization stands at $2.648 trillion, making it the second most valuable company globally based on market cap data from companiesmarketcap.com.

Apple Inc (NASDAQ:AAPL) Dividend Information 

Apple’s annual dividend of $0.96 per share, with a forward yield of 0.56%, is paid out quarterly, and the last ex-dividend date occurred on Feb 9, 2024. With a payout ratio of 14.95% and a dividend growth of 4.35% over 12 growth years, Apple provides a shareholder yield of 2.94%, including a buyback yield of 2.38%.

Recent Development At Apple 

Apple Accelerates Clean Energy Investments Worldwide Toward Carbon Neutrality Goal.

Apple is increasing investments in clean energy and water globally, supporting over 18 gigawatts of clean energy and delivering billions of gallons in water benefits and savings. This progress is part of Apple’s commitment to becoming carbon neutral across its entire value chain by 2030. With more than 18 gigawatts of clean electricity powering its operations and manufacturing supply chain, Apple’s new investments in solar power in the U.S. and Europe aim to address the energy used to charge and power Apple devices.

Apple Opens New Store in Shanghai Near Jing’an Temple, Showcasing Community Creativity.

Apple Jing’an, the latest store in Shanghai, opened on Thursday, March 21, offering customers a unique shopping experience featuring Apple’s wide range of products and services. Situated near the iconic Jing’an Temple, the store will also host a six-week Today at Apple program celebrating the local community and its creatives. The series, titled Let Diverse Creativity Bloom in Jing’an, highlights Shanghai’s emerging creators and their innovative use of iPhone capabilities.

Apple Expands Repair Options with Used Genuine Parts Support

Apple has unveiled plans to enhance repair processes, allowing customers and independent repair providers to use used Apple parts in repairs, starting this fall. The new process, initially for select iPhone models, aims to maintain user privacy, security, and safety while offering more repair options, increasing product longevity, and reducing environmental impact. Used genuine Apple parts will undergo a parts calibration process to ensure full functionality and security, similar to new parts.

2024 Q1 Recap of Apple Inc (NASDAQ:AAPL) Earnings Release

On February 1, 2024, Apple released its financial results for the first quarter of fiscal 2024, which ended on December 30, 2023. The company reported quarterly revenue of $119.6 billion, marking a 2 percent year-over-year increase, and quarterly earnings per diluted share of $2.18, representing a 16 percent year-over-year increase. Apple’s CEO, Tim Cook, attributed revenue growth to iPhone sales and highlighted an all-time revenue record in Services, along with surpassing an installed base of active devices exceeding 2.2 billion. CFO Luca Maestri emphasized margin expansion and record EPS of $2.18, alongside generating nearly $40 billion of operating cash flow and returning almost $27 billion to shareholders during the quarter. The board of directors declared a cash dividend of $0.24 per share payable on February 15, 2024, to shareholders of record as of February 12, 2024.

2024 Apple Inc Q2 Earnings Release Analyst Forecast 

For the current quarter, sales estimates indicate a Zacks Consensus Estimate of $89.99 billion, with 8 estimates ranging from a high of $91.56 billion to a low of $88.60 billion, compared to year-ago sales of $94.84 billion, reflecting an estimated year-over-year growth decline of -5.11%. On the earnings front, the Zacks Consensus Estimate is $1.51, based on 10 estimates, with the most recent consensus at $1.49 and a range from a high of $1.54 to a low of $1.49, down from the year-ago EPS of $1.52, with an estimated year-over-year growth decline of -0.66%.

Investing.com predicts that Apple Inc (NASDAQ:AAPL) is projected to attain an earnings per share (EPS) of $1.5, along with an anticipated revenue of $90.32 billion.

According to TradingView.com, Apple Inc (NASDAQ:AAPL) is forecasted to achieve an earnings per share (EPS) of $1.51, alongside an expected revenue of $90.37 billion.

Technical Analysis 

From a technical analysis perspective using the Daily chart of Apple ( NASDAQ:AAPL ) from tradingview, the price has been following a downtrend since January 25, 2024. A downtrend line drawn from $196.60 saw price rejection at $178.73 after retracing from $167.10. The downward movement persisted to $163.85, now acting as support after the initial rejection, and rebounded to $175.01 before facing another rejection, with the current price around $169.30. If the rejection by the downtrend line holds, there is a higher likelihood of the price declining further towards the support level. Conversely, if the support level is breached, there is a higher probability of further downside movement. However, if the rejection by the downtrend line fails and the price breaks above it, there is a higher chance of an upward price movement.

Conclusion
In conclusion, Apple Inc (NASDAQ:AAPL) is anticipated to host its Q2 2024 financial results conference call today, with a replay available afterward. With a market capitalization of $2.648 trillion, Apple remains a key player globally. Recent developments underscore Apple’s commitment to clean energy investments, retail expansion, and repair options enhancement. Looking ahead, analysts project a mixed forecast for sales and earnings in Q2 2024. While there are technical indications of a downtrend in Apple’s stock price, the outcome remains uncertain. Considering these factors, investors may benefit from staying informed and monitoring developments closely.

Sources:

https://www.apple.com/investor/earnings-call/

https://companiesmarketcap.com/apple/marketcap/

https://stockanalysis.com/stocks/aapl/dividend/

https://en.m.wikipedia.org/wiki/Apple_Park

https://www.apple.com/newsroom/2024/04/apple-ramps-up-investment-in-clean-energy-and-water-around-the-world/

https://www.apple.com/newsroom/2024/03/apple-jingan-now-open-in-shanghai/

https://www.apple.com/newsroom/2024/04/apple-to-expand-repair-options-with-support-for-used-genuine-parts/

https://www.apple.com/newsroom/2024/02/apple-reports-first-quarter-results/

https://www.zacks.com/stock/quote/AAPL/detailed-earning-estimates

https://www.investing.com/equities/apple-computer-inc-earnings

https://www.tradingview.com/symbols/NASDAQ-AAPL/forecast/

https://www.tradingview.com/x/KiZ2bDS1/