Apple Loses Market Share and Phone Volume, Stock Price Struggles

Apple Inc. has experienced significant market challenges, losing 300 basis points in high-end phone market share over the past year, as reported by IDC. The company's stock has been affected, with the price action reflecting a failure to maintain a previous breakout, returning to a price of $167. Additionally, Apple's phone volume has decreased by almost 10% year-over-year. Despite these setbacks, the company's earnings per share for 2023 are projected at $6.55, with the stock still trading close to a P/E ratio of 26.