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Analysts at KeyBanc downgraded Apple shares from ‘Overweight’ to ‘sector-weight’ citing a weaker sales growth outlook.
Apple Inc (NASDAQ: AAPL) top executives led by Chief Executive Officer (CEO) Tim Cook, senior vice presidents Deirdre O’Brien and Katherine Adams offloaded part of their shareholdings according to filings with the United States Securities and Exchange Commission (SEC). Notably, Apple CEO Cook sold about 511,000 shares worth approximately $87.8 million. However, after tax deductions Cook received a total of about $41.5 million. As a result, Cook now owns about 3.28 million shares in the California-based company. On the other hand, Katherine and O’Brien sold about 11.3 million shares.
The Apple share sell spree coincides with a general drop in the value of tech stocks. Furthermore, Apple shares have declined about 12 percent since hitting ATH in July to trade around $173.66 on Thursday. Nonetheless, Apple shares have added approximately 34 percent YTD fueled by the latest product launch including the Vision Pro headset and the new iPhone 15.
Nonetheless, the company’s products remained at lower prices in a bid to compete with other smartphone manufacturers like Huawei and Samsung. Additionally, there has been a general smartphone slump in shipments this year compared to last year. According to a report compiled by research firm Canalys, North American smartphone shipments are expected to drop by about 12 percent in 2023.
As a result, analysts at KeyBanc downgraded Apple shares from ‘Overweight’ to ‘sector-weight’ citing a weaker sales growth outlook.
Apple Market Outlook
The last time Apple CEO Cook sold major stock holdings was back in August 2021, when he offloaded shares worth more than $750 million – but received about $355 million after-tax deductions – after completing a decade as the top executive. Earlier this year, Cook took a pay cut of about 40 percent to receive $49 million per annum. However, Cook saw his stock compensation increase from 50 percent to about 75 percent.
The $2.7 trillion valued company reported a sales decline of about 1.4 percent for the fiscal quarter that ended on July 01. Notably, the company reported a revenue of about $81.8 billion with its earnings per share (EPS) having grown by about 5 percent to $1.26.
In the near future, Apple anticipates an increase in smartphone shipments after adding USB-C charger support for its latest products to comply with the European market. Moreover, other smartphone companies have been releasing their devices with support of the USB-C charger type and sold seamlessly across more jurisdictions.
Meanwhile, the company is optimistic about better fourth fiscal quarter results bolstered by over 1 billion in paid subscriptions to its services.
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Most countries have rules that support donations by deducting them from the tax that a citizen has to pay. These are called tax write-offs and are often used by many. So, the recent donation from Vitalik Buterin has raised the question: Will the individual enjoy a significant deduction in tax because of his Shiba Inu donation. Well, the answer is No! This is because Vitalik is a Singapore citizen where tax rules are much different than that of the US.
Vitalik’s Shiba Inu donation
Vitalik is the founder and creator of Ethereum, which is the base of many meme coins like Shiba Inu. Though this dependence is not direct, the creators of the coin have donated half the total supply of Shiba Inu to Buterin. But Vitalik was not particularly a fan of the gesture and donated some part of it and burned most of the coins. The biggest donation was made to India for the COVID relief fund. Approximately 50 trillion coins were donated, worth over $2 billion. Even though after this news, there was a huge drop in the price of the coin, and the effective donation made became almost $800 million.
He also said that the creators should rather do some charity next time instead of gifting coins to him. This huge donation from Vitalik made many ask the question is going to get a tax write-off. About the donation, he also said that he is pleasantly surprised how the traders handled the Shiba Inu incident. He also said that the owners of the coin aren’t really that upset about how much he expected them to be.
Will Buterin get a tax write-off?
Vitalik said that being a citizen of Singapore, he is not eligible for such tax discounts. This means that the individual has to pay full-tax off his gains or earnings made in the last financial year. Not being exempt from tax also means that this was not an attempt to just pay less tax. The truth is he actually didn’t like such meme coins and wanted to get rid of them. I am pretty sure that Buterin will continue to give away such coins even in the future if such donations are made to him.
What are your thoughts on the donation made by Vitalik Buterin? And also the fact that he will get zero tax exemption because of that? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Dogecoin recovers superfast after Elon Musk’s tweet