Posted 12/7/2023, 1:42:00 PM
Apple Hits $3 Trillion Valuation But Faces Uncertainty Ahead
- Apple recently reached a $3 trillion market cap, with shares up 49% in 2022
- Revenue fell 3% last fiscal year due to foreign exchange headwinds, but improved throughout the year
- High-margin services revenue grew 16% last quarter, helping drive 13% EPS growth
- Guidance suggests Apple is entering a growth mode in fiscal 2024
- At over 31x earnings, Apple may not be a definite buy today, but remains a reasonable hold given fundamentals