Apple Inc shares have soared this year even as a pandemic has crippled economies around the world, thanks in large part to booming product sales that have beat Wall Street expectations.
shares have soared this year even as a pandemic has crippled economies around the world, thanks in large part to booming product sales that have beat Wall Street expectations.
On Tuesday, Apple is expected to unveil updates to several key products, including the Apple Watch and iPad, that will help determine whether it keeps up that streak. The devices will be shown in an event broadcastAs markets closed Monday, Apple shares were up nearly 54% for the year, well ahead of the 22% gain for the Nasdaq. Even though Apple stock has fallen from a record high earlier this month, it remains near its $2 trillion stock market valuation.
This year is likely to be different. For one, Apple has said its iPhones - still the company’s biggest seller - will be delayed by several weeks, which eats into the number of days that shoppers have to buy them before the holidays and could lead to lower sales. Analysts expect Apple to unveil a 5G iPhone and other updates at an event in October, with products going on sale later that month.
“If sales happen to be softer than usual during the holiday quarter, that doesn’t mean they’re lost just because they’re delayed,” said Ben Bajarin, principal analyst for consumer market intelligence at Creative Strategies.
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