Apple (AAPL) is scheduled to release its second quarter of fiscal 2019 results on April 30 after markets close. 2019 began on a terrible note for the company, as its stock fell 10.0% on the second trading day of 2019 (January 3) after it revised its first-quarter guidance downward. Before we begin to look at Wall Street analysts’ consensus estimates for Apple’s second-quarter earnings, let’s take a quick look at how its stock has been trading in 2019 so far.

How Is Apple Stock Faring ahead of Q2 2019 Earnings?

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Outperforming the broader market

Despite a terrible start, Apple stock managed to recover sharply after a 10% drop on January 3. In January, February, and March 2019, the stock rose by 5.5%, 4.0%, and 9.7%, respectively. With the help of these gains, AAPL ended the first quarter with 20.4% gains as compared to 13.1% and 16.5% rises in the S&P 500 Index (SPY) and the NASDAQ Composite Index. Apple’s improved services segment revenues and profitability in the first quarter helped it regain investors’ confidence.

As of April 23, Apple stock has gone up by 9.2% on a month-to-date basis as compared to 3.5% and 5.1% gains in the S&P 500 Index and the NASDAQ Composite Index.

On March 25, the company unveiled its news subscription and video streaming services, as expected, called Apple News+ and Apple TV+, respectively. Since then its stock has been trading on a strong bullish note due to investors’ high hopes from these new services. Also, an end to Apple’s years-long legal battle with chipmaker Qualcomm (QCOM) with a settlement earlier this month added optimism.

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