Apple's fiscal 2024 fourth quarter ended on September 28, 2024, with the company reporting revenue of $94.9 billion, up 6% year over year. The quarterly diluted earnings per share were $0.97. Despite these solid numbers, the earnings report included only a few days of sales for the new iPhone 16, which may influence future performance.
iPhone 16 Outlook
The outlook for the iPhone 16 is a mix of caution and optimism. Analysts believe that the near-term performance of Apple's stock may hinge on holiday season demand and the success of new AI features. The demand for the iPhone 16 is expected to play a crucial role in Apple's Q4 earnings and holiday-quarter outlook. However, there has been a reduction in the sales forecast for the iPhone 16 by 10 million units, with significant growth requiring hardware innovation.
Analyst Sentiment
Analysts have a mixed sentiment towards Apple's future. While some are optimistic about the potential of software and AI-driven upgrades to shape Apple's growth trajectory into 2025, others are more cautious due to the conservative outlook and the underwhelming iPhone 16 launch event. The average 1-year price target for AAPL is $245.59, with a low forecast of $185.7 and a high forecast of $315.In summary, while Apple's recent earnings report shows strong financial performance, the outlook for the iPhone 16 and the company's stock price targets reflect a blend of optimism and caution among analysts.
