Macroeconomic uncertainties have not spared the high-and-mighty in the tech sector but an analyst is confident that Apple Inc.
will outperform hardware revenue expectations in the September quarter.
What Happened
KeyBanc Capital Markets’ “First Look Data” showed strong high-value (over $399) credit card and debit spending by U.S. consumers in September. Indexed spending rose 11 percent month-over-month, analyst Brandon Nispel said.
This is against the historical pattern of a deceleration in spending in September, relative to August, he added.
The analyst said that the consensus forecast for the 2022 September quarter predicts 8 percent growth. He went on to highlight that over the past three years, Apple’s September quarter hardware revenue increased by 10 percent quarter-over-quarter….