Apr 30, 2019
Apple to Report Earnings Today
Today, after the market closes, Apple is expected to report their earnings. According to analysts, the tech giant is expected to report revenue of $57 billion, with sales of 40 million iPhones in the last quarter. Today’s report is crucial for both Apple and FAANG stocks, especially after Google reported poor earnings yesterday.
After market close yesterday, the stock price of Google dropped 7%. This came after the company reported disappointing earnings for the quarter. The expected revenue was $37.3 billion but Google reported revenue of only $36.3 billion, missing market expectations. In addition, the EPS was higher than expected however, the $1.7 billion fine from the EU pushed this number lower. Investors’ main concern is that the company’s online advertising business is weakening since Google also reported lower than expected sales from internet advertising. The main reasons for the decline in ad sales include added regulation as well as more competition from Amazon and other companies. If the price of Google stock breaks below $1,200 today, the downside momentum could escalate.