Despite rising inflation exacerbated by falling consumer demand as well as a strengthening dollar and sanctions in China, shares of Apple Inc rose 15% in July to record its biggest monthly gain.
It is also seen surpassing the shares of its rivals such as Microsoft Corp, Alphabet Inc and Amazon.com Inc to become the leader in the S&P 500 and Nasdaq 100 indexes.
That streak, analyst Gene Munster believes that Apple shares will continue to be the choice of investors despite the possibility of an upcoming recession.
The foundation has been created based on positive growth reports from Microsoft and Google's Alphabet which are expected to increase opportunities for Apple.
Looking at the company's corporate report, quarterly sales came in at $83.0 billion versus expectations of $82.8 billion and profit jumped $1.20 per share from the $1.16 per share forecast.
The biggest contributor was of course smartphone product sales for the fiscal 3rd quarter (Q3) which rose 3% at $40.7 billion despite weak Wall Street projections.
Additionally, iPad and Mac sales rose 7.2 billion and 7.4 billion compared to forecasts of $6.9 billion and $8.7 billion.
On that achievement, Apple is seen to boldly put the latest quarter projection in its sales by 6%.
Meanwhile, Apple outlined that sales in the Chinese market fell 1% due to travel restrictions and Q3 sales there were down $14.6 billion.
On the other hand, Apple, like other technology companies, is seen citing inflationary pressures and possible recession in its report results.
The company does not rule out the possibility of reducing its hiring in the coming year.
