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

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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

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, 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 CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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