Earnings Season Gives a Look Beyond Market Tumult
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On Thursday, the froth in markets continued to eke down like the deflating foam in a root beer float. The Nasdaq fell to its lowest since June and the small-cap Russell 2000 entered official bear market territory by dropping 20% from its peak. But markets are markets, they will go up and they will go down day by day,
Apple cautioned investors in recent months that supply chain woes and resulting parts shortages would impact its business. The company went ahead and posted its best-ever fourth-quarter results anyway. Despite the supply chain slowdown, the Silicon Valley tech giant banked a record $34.6 billion profit in the quarter, 10% better than analyst estimates. IPhone revenue — which is heavily dependent on parts — was $71.6 billion, up 9% from a year ago, and way out in front of $67.74 billion analysts estimates.
Source Fool.com
