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One bright spot in the report was Apple Services revenue. Services, which include Apple Music, TV, News, Card and others is quickly becoming a major contributors to the bottom line, and just in time
Shares of Apple (NASDAQ: AAPL) were gaining in January, rising in line with the Nasdaq, which jumped on signs that inflation was cooling off and the Federal Reserve would reel in its interest rate hikes. According to data from S&P Global Market Intelligence, Apple finished the month up 11%, mostly tracking with the tech-heavy index. Additionally, the stock had sold off at the end of 2022 on concerns about production challenges due to COVID outbreaks in China.