(NASDAQ: AAPL) made headlines this week by surpassing a market capitalization of $3 trillion, a level it hadn't seen since August. The company's shares are up 50% year to date, despite repeated declines in its product segments that sent revenue dipping 3% year over year in its fiscal 2023.
Macroeconomic headwinds caught up with Apple over the past 12 months, curbing consumer spending and creating weakness in foreign currencies relative to the U.S. dollar. Yet, its stock and business have remained resilient as loyal investors have continued to believe in its long-term prospects, and its heaps of cash have kept the company expanding.
The stock might be slightly overpriced today, trading at 31 times its earnings, but here's why Apple is still a buy.
Source Fool.com