Market Rally and Record Performance
Apple, standing tall alongside its peer Amazon, made headlines with a remarkable fiscal second quarter. The broader market witnessed a bullish trend following Federal Reserve Chair Jerome Powell’s reassuring comments on interest rates.
Apple’s stellar performance saw it surpass expectations, achieving an all-time high quarterly EPS of $1.53. The company reported revenue records in numerous countries, including Canada, Latin America, and the Middle East, with Q2 sales exceeding estimates despite a slight drop from the previous year.
Dividend & Buyback Boost
In a show of confidence in its growth trajectory, Apple announced an additional $110 billion for share repurchases. Moreover, the tech giant increased its quarterly dividend by 4% to $0.25 per share and plans for further annual dividend hikes in the future.
Future Growth Projections
Zacks estimates forecast a 6% increase in Apple’s annual earnings for fiscal 2024 and an additional 8% rise in FY25. Though total sales are predicted to remain flat this year, a 5% increase is expected in FY25, reaching $403.72 billion.
Investment Outlook
Despite Apple’s stock holding a Zacks Rank #3 (Hold), the company seems to be overcoming domestic and regulatory challenges by expanding into new international markets. Potential buying opportunities may lie ahead, making it a compelling option for investors looking to capitalize on Apple’s upward trajectory.
Bitcoin’s Historic Returns
While Apple shines in the stock market, Bitcoin continues to capture headlines for its unparalleled returns. Over the past three presidential election years, Bitcoin has delivered remarkable gains, with predictions pointing toward further surges in the near future.
