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Apple Beats Estimates and Delivers Positive Outlook to Support Cryptos

Key Insights:

  • On Thursday, Apple (AAPL) released its fiscal third-quarter earnings, which beat sales and profit forecasts.
  • Apple reported diluted earnings per share of $1.20 beating an estimate of $1.16.
  • Apple also delivered an upbeat outlook to support an after-hours boost.

Crypto investors are enjoying a bullish July, supported by a sharp rebound from market lows on July 13.

Market sentiment towards Fed monetary policy and the US economy have influenced, with the NASDAQ 100 delivering the crypto market with much-needed support.

While the Fed has been the key driver throughout 2022, linking the crypto market with the NASDAQ 100, US corporate earnings have also influenced investor appetite for riskier assets.

Crypto – NASDAQ Daily Chart 290722

On Tuesday, Walmart (WMT) spooked the markets with a grim outlook for Q2 and the full year. Walmart shares tumbled by 7.60% before finding support in extended trading. The doom and gloom outlook left the NASDAQ 100 down 1.87%, weighing on stocks linked to consumption, including Amazon.com (AMZN).

The NASDAQ 100 pullback, in response to the WMT outlook, weighed on the broader crypto market before a late rebound supported by a positive outlook from Microsoft (MSFT).

A similar market reaction is likely with other US corporate earnings results that investors consider a litmus test of the US economy. These include Amazon.com and Apple Inc., among others.

Apple Inc. Beats Estimates and Delivers Positive Outlooks

On Thursday, Apple Inc. released its fiscal Q3 ended June 25, 2022, earnings results during extended market trading.

Key results included,

  • Revenue was $83 billion, up 2% year-over-year.
    • Product revenue $63.4 billion.
    • Mac revenue declined 10% year-over-year to $7.4 billion.
    • Phone revenue increased 3% year-over-year to $40.7 billion.
    • Services revenue increased 12% year-over-year to $19.6 billion.
  • Diluted earnings per share was $1.20, decreasing 8% year-over-year.

The results beat estimates, with analysts forecasting diluted earnings per share of $1.16.

While hitting record June levels and beating estimates, headwinds included,

  • Macroeconomic environment
  • Supple constraints
  • Foreign exchange (300 basis points headwinds)
  • Russia

Apple CEO Tim Cook reportedly told CNBC,

“In terms of outlook in the aggregate, we expect revenue to accelerate in the September quarter despite seeing some pockets of softness.”

Apple Inc.’s (AAPL) share price increased by a modest 0.36% during regular trading hours. In response to the June quarter earnings results and outlook, shares increase by 2.97% to $162.02.

Apple released its earnings results at 1700 Eastern. The earnings call remains available for 14 days.

Crypto Market Responds to CEO Tim Cook’s Positive Outlook

After tracking the NASDAQ 100 through the US session, US corporate earnings results delivered the crypto market with a boost during extended trading hours.

The total crypto market cap struck a day high of $1,092 billion, which coincided with Apple and Amazon.com earnings results.

Crypto – Apple 5-Min Chart 290722

For Apple Inc., the NASDAQ 100, and the crypto market, the upside came despite disappointing economic data from the US.

On Thursday, bitcoin (BTC) increased by 3.90%, with a revisit to $24,000 before easing back.

The US economy contracted by 0.9% in Q2 versus a forecasted 0.5% expansion. The economy contracted by 1.6% in the previous quarter.


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