Although AAPL recorded a remarkable gain of 54% over the past year, its performance pales in comparison to that of its rivals and colleagues. In light of Apple's revenue declines, let's examine how it can reverse course in 2024.
AAPL's performance and revenue over the past year were well summarized by Kif Leswing of CNBC. Although AAPL has achieved a 54% YTD gain, which is twice as much as what the S&P 500 accomplished, it doesn't appear to be an impressive feat when compared to other major tech players.
So far this year, there has been a 244% surge in Nvidia's stock, while Meta experienced an increase of 184%, Tesla shares grew by 130%, and Amazon saw their stocks swell up to 78%. Surprisingly, Microsoft had the edge with a growth rate of up to 56%, surpassing AAPL over the past year.
Despite exceeding Wall Street's expectations in some of its recent earnings reports, Apple has experienced a revenue decline for the past four quarters. This marks the longest period of negative growth in over 20 years.
Although there was a decrease in revenue, certain quarters did report higher profits. Nevertheless, Apple's lower sales of iPhones, iPads and Macs have made investors more prudent about their investments.
One reason for this trend is the decline in smartphone sales, which have hit a 10-year low.
However, certain aspects are distinctly exclusive to Apple. This includes iPhones receiving less significant upgrades compared to previous ones, absence of new iPad hardware releases until 2023 and Macs experiencing more incremental advancements.
The ban on Apple Watch, though brief, constituted a strenuous end to the year for Apple.
"Is a turnaround possible by 2024?"
The company's revenue growth could be restored with the help of an increase in Apple's services, as well as a resurgence in hardware sales.
Although Vision Pro is set to launch in early 2024, its initial impact on revenue will likely be minimal. However, CNBC suggests that a positive reception for Vision Pro next year could create momentum going forward and generate increased interest in Apple's other products as well. This potential buzz may also lead to more foot traffic at their stores.
Do you believe Apple will experience a rise in revenue by 2024? Feel free to share your thoughts below!
So far this year, there has been a 244% surge in Nvidia's stock, while Meta experienced an increase of 184%, Tesla shares grew by 130%, and Amazon saw their stocks swell up to 78%. Surprisingly, Microsoft had the edge with a growth rate of up to 56%, surpassing AAPL over the past year.
Despite exceeding Wall Street's expectations in some of its recent earnings reports, Apple has experienced a revenue decline for the past four quarters. This marks the longest period of negative growth in over 20 years.
Although there was a decrease in revenue, certain quarters did report higher profits. Nevertheless, Apple's lower sales of iPhones, iPads and Macs have made investors more prudent about their investments.
One reason for this trend is the decline in smartphone sales, which have hit a 10-year low.
However, certain aspects are distinctly exclusive to Apple. This includes iPhones receiving less significant upgrades compared to previous ones, absence of new iPad hardware releases until 2023 and Macs experiencing more incremental advancements.
The ban on Apple Watch, though brief, constituted a strenuous end to the year for Apple.
"Is a turnaround possible by 2024?"
The company's revenue growth could be restored with the help of an increase in Apple's services, as well as a resurgence in hardware sales.
Although Vision Pro is set to launch in early 2024, its initial impact on revenue will likely be minimal. However, CNBC suggests that a positive reception for Vision Pro next year could create momentum going forward and generate increased interest in Apple's other products as well. This potential buzz may also lead to more foot traffic at their stores.
Do you believe Apple will experience a rise in revenue by 2024? Feel free to share your thoughts below!
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