Asia could open stronger after Apple’s guidance came in better than what many feared

The tech giant already delivered the first decline in a decade on both top and bottom line.  The earnings miss was well telegraphed during the January 2nd warning that pummeled the tech sector.  The stock however rallied after Apple’s guidance for the second quarter came in better than what many feared and close to Wall Street’s estimates.

Services revenue did post a strong 19% increase, while the Greater China area saw revenue decline over 26%.  The iPhone maker is struggling to ramp up the other businesses to make up for the expected decline in iPhone sales and the global slowdown concerns are confirmed, but the stock may be near a bottom after falling over 33% since October.

Other tech giants, Amazon, Netflix Microsoft, Facebook and Google are trading higher following Apple’s results.  The Nasdaq also rallied and erased most of the gains that occurred earlier in the day.

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Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya