Apple (AAPL) may have had a difficult year but that’s temporary, feels long-time analyst Gene Munster. Munster on Wednesday predicted that the iPhone maker would outperform fellow FAANG stocks in 2019, as consumers connect with the strong growth of its services business.
In 2018, Apple stock fell 32% from its 52-week peak, primarily due to concerns over decreasing iPhone sales and the company’s decision not to announce unit sales figures in the quarterly results. The massive decline made the Cupertino, California-based firm the second worst performing FAANG stock in 2018.
The company has been witnessing a steady growth in its services business, which comprises App Store, iCloud, iTunes, Apple Music etc. During the most recent quarter, services revenue jumped 17% to a record $10 billion.
The Loup Ventures analyst, in fact, sees a silver lining in Apple’s decision to scrap unit sales figures from its quarterly results. Munster says the move helps invite a better focus on the services figures.
Meanwhile, the iPhone maker’s tough stance against data sharing is expected to play in favor of the company in 2019 and beyond, even as Facebook (FB) and others get pounded.
Munster further predicts that the introduction of the superfast 5G network will aid in Apple’s rally as device makers engage in a race to bring out the first 5G enabled handset. He wrote in a note, “ 5G will be the biggest new iPhone ‘feature’ since the larger-screen iPhone 6 in 2014.”
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