Apple Rolls Along

Through yesterday's close AAPL is up 42%, vs the NASDAQ'S 12%, over the past 12 months.
It's down 2% to $160 this morning.

Despite strong revenue and earnings for the quarter ended March 31, 2022, Apple said that supply-chain shortages and strict China lockdowns will affects its performance for the rest of 2022.

Apple Inc. cautioned Thursday that the resurgence of Covid-19 in China threatens to hinder sales by as much as $8 billion in the current quarter—a setback after seeing supply-chain improvements during the first three months of the year.

The guidance from the iPhone maker came Thursday shortly after the company posted one of the best quarters in its 46-year history...

The challenges come after a blockbuster quarter. Apple’s revenue for the recent period rose 9% to $97.3 billion, far exceeding analyst expectations for $94 billion. Earnings per share rose to $1.52 from $1.40 a year earlier—beating estimates for $1.42 a share and setting a record for Apple’s fiscal second quarter.

Apple has continued to grow despite COVID-19, the ups and downs of U.S.-China relations, supply-chain issues, and the supposed limitations of being a hardware company. As we noted almost two years ago,

Apple's market capitalization when Tim Cook officially took over in October, 2011, was $344 billion. The company is valued six times [on 4/29/22 it's 7.6x] as much today. As we've observed, naming Tim Cook as his successor was Steve Job's wisest decision.

We're a holder of AAPL more for Tim Cook and his management team than for any one product, yes, even the iPhone.