Investors in Apple (AAPL) were pleasantly surprised by Apple’s earning report released Tuesday, which crushed expectations and the 3 ETFs with the largest exposure to Apple are seeing the results.
Apple’s forecast worried Wall Street as analysts panicked when several iPhone X component suppliers gave cautionary warnings over high-end smartphone demand. The supply chain warnings spurred Morgan Stanley to lower its June quarter iPhone estimate to 34 million from 40.5 million, suggesting a lack of iPhone demand.
However, Apple came in killin’ it.
According to Market Watch, “Apple, +4.42% posted 21% revenue growth in the Greater China region for the fiscal second quarter, its best year-over-year increase in 10 quarters. The company didn’t break out iPhone sales by region, but Apple posted a blowout quarter in terms of China revenue and a passable quarter in terms of iPhone revenue, and Chief Executive Tim Cook suggested that the iPhone had a banner quarter in the world’s most populous country.”