iPhone maker Apple’s stock price hit an all-time high again ahead of the announcement of its second-quarter earnings.
On the 28th (local time), Apple’s stock price closed at USD 195.83, up 1.35% from the previous day.
It is an all-time high based on the closing price, exceeding the 195.10 dollars, which was recorded on the 19th, and is one step closer to the first $200 in history.
The market capitalization also increased to USD 3.08 trillion.
The highest ever during the day was $198.23 recorded on the 18th.
As a result, the stock price has risen 50.7% so far this year alone.
Apple’s stock price hit an all-time high ahead of its second-quarter earnings announcement on the 3rd of next month.
Wall Street expects Apple’s second-quarter earnings to fall from last year.
Estimated sales are USD 81.77 billion, down 1.4% from a year ago, and earnings per share are USD 1.19, down 0.8%.
However, there are also expectations for surprise performance that exceeds market expectations.
Microsoft, Google’s parent company Alphabet, and Meta, which announced their second-quarter earnings, all exceeded market expectations.
On top of that, iPhone, which accounts for about half of Apple’s sales, has seen its market share rise in the U.S. over the past two quarters.
According to market research firm Counterpoint Research, iPhone market share in the U.S. stood at 55% between April and June, up 3 percentage points from 52% in the first quarter.
“Apple is the stock with the most boring buying rating,” Andrew Öckwitz, a stock analyst at global investment bank Jefferies, said in a recent note to customers, adding, “We don’t focus on trends such as the cloud or artificial intelligence (AI).”
“It’s not enough to attract investor attention, but Apple is consistently supplementing it,” he said. “The ability to build regular replacement cycles by integrating software and hardware and slowly raise prices to secure market share has been and will continue to be.”
