Apple’s share price was up 0.5% at the end of trading on Monday, marking a 10th consecutive increase for the first time in more than a decade.
That’s despite reports that indicate Apple has been forced to slash iPhone SE 3 orders due to weaker-than-expected demand. But one analyst says investors are more interested in the performance of iPhone 14 later this year.
Apple is up, up, up
Apple’s market cap currently sits at $2.87 trillion, making it the world’s most valuable public company — by quite a margin. It’s down slightly from early January, when Apple became the first to ever hit a $3 trillion valuation.
Despite those incredible figures, Apple’s share price fluctuates just like any other company’s. Sure, it enjoys more ups than most, but there are plenty of downs mixed in, too. Which is why “winning streaks” are pretty rare.
But things are going well for Apple right now — at least in terms of its value. So well that Cupertino just recorded its longest streak in well over a decade.
A 10th consecutive win
Apple on Monday saw its share price close at an increased value of 0.5%. That was the 10th consecutive increase, said MarketWatch, matching the streak that Cupertino recorded in October 2010 — the year it launched iPad.
It’s also a little surprising given Monday’s reports surrounding disappointing demand for iPhone SE 3. Apple has reportedly cut orders of its newest entry-level handset by as much as 20% because demand isn’t meeting expectations.
That won’t bother Apple investors too much, according to Raymond James analyst Chris Caso. “we never worry too much about production changes in June,” Caso told MarketWatch.
iPhone 14 more important
It is iPhone performance during the second half of the year — after Apple introduces its latest flagships, specifically — that investors are really interested in. That’s what will make a real difference to the company’s bottom line.
Aside from the iPhone SE news, Apple enjoyed a positive start to the week, with Apple TV+ becoming the first streaming service to bag an Oscar for Best Picture. CODA picked up three awards in total at Sunday’s event.