Apple Reports One of Its Best Quarters – Closing Bull April 29th, 2022
Quick Summary:
In this week’s Closing Bull, we’ll be discussing the ongoing crisis in Ukraine, Apple’s third-best sales quarter to date, Amazon’s sales slow decline, Twitter’s missed sales expectations, Slow growth in sales for Facebook’s parent company Meta, and Google’s sales report showing slow growth and profits.
Let’s get into the news.
Key News This Week:
Market recap
The ongoing crisis in Ukraine
Apple sales jumped better than expected
Amazon’s slow sales growth
Twitter misses its sales expectations
Meta reports its slowest sales growth
Google reports a slow down in growth and profits
Read the Transcript
Hi and welcome to my financial markets’ re-cap for the week.
What a wild week, I’ve been down, up, and back down again. But, I am still in a trade and I remain with a bullish outlook for next week. This market is very oversold and I am expecting a bounce in the coming days. I sure hope to be right, I’ll let you know next week!
That was the system update, what is happening in the news?
The top story remains the ongoing crisis in Ukraine, with the big news breaking yesterday that President Biden has sent a request yesterday to Congress for a new $33 billion aid package for Ukraine, and proposed legislation would allow the United States to seize the assets of Russian oligarchs and crackdown on sanctions evasion. It’s a big package that surprised the market which temporarily sent the indexes higher before today.
The other notable news this week was in big earnings.
Apple had one of its best quarters ever, offering hope for the rest of the global economy.
Yesterday, the world’s most valuable company said sales jumped more than expected last quarter — to $97B — despite ongoing supply issues, the war in Ukraine, and booming inflation. All told, it was Apple’s third-best quarter of all time.
In not-so-good news, Amazon posted its slowest sales growth in over two decades. The e-commerce giant notched a $7.6B loss from its stake in EV-maker Rivian and warned of slower sales ahead.
Twitter missed its sales expectations for the quarter but reported an uptick in daily users, to 229M. It could be one of the last earnings reports for Twitter before its sale to Elon is finalized. Having seen that news break on Monday.
Facebook’s parent company Meta reported sales grew at the slowest pace since its IPO and experienced its first-ever dip in daily users.
More bad tech news happened on Monday when Google reported slowing sales growth and profits. It really hasn’t been a great week overall for tech with Apple being the only bright spot, but even they said that next quarter could hit some headwinds with chip shortages and covid restrictions in China.
That’s it from me, It’s Friday, time to down tools, thanks for watching, and bye for now.