Apple stock has had a bumpy 2018
Apple (AAPL) stock has had a rocky time in 2018, despite climbing 11.2%. Investor interest in the company’s outlook appears subdued given the slowing smartphone market trend.
However, Apple stock surged after it announced its fiscal second-quarter[1. quarter ended March 2018] financial results earlier this month. Apple reported a 31.0% YoY (year-over-year) increase in its Services segment’s revenues, which reached $9.2 billion. Investors hope that the company’s Services segment can drive the tech giant’s revenue growth in the next few years, even if iPhone sales remain tepid.
13F numbers suggest investors are least bullish on Apple since 2008
Institutional investors reduced their holdings in Apple by ~153.0 million shares in the first quarter, as revealed by 13F filings. This trend represented the largest quarterly decline since the first quarter of 2008. This number was the highest of any S&P 500 stock in that quarter.
However, the company’s outlook may be brighter than that number suggests. While iPhone sales in the fiscal second quarter grew only by 2.9% YoY, the revenues from iPhones grew 14.4% due to a higher average selling price of the iPhone X.