It hasn't been an easy year for (NASDAQ: AAPL), with macroeconomic headwinds curbing spending across the consumer tech sector. Poor market conditions caused repeated declines in Apple's product segments, with revenue tumbling 3% year over year in its fiscal 2023. Yet despite the challenges, the company's stock has risen 45% year to date.

Investors have largely stayed loyal to the iPhone manufacturer as its history of reliability and sustained dominance in tech has overshadowed recent challenges. Their devotion to the tech giant is not unfounded, with Apple continuing to outperform the competition and delivering an impressive balance sheet.

With nearly $100 billion in free cash flow and $162 billion in cash and marketable securities in 2023, Apple has the funds to overcome temporary headwinds and continue investing in its business. The tech giant is a reliable buy, with the company likely to flourish over the long term.

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Source Fool.com