Apple gushes past Amazon with year-end surge; shares rise 84% in 2020
Apple Inc., on Tuesday, is cementing its lead over Amazon.com Inc. as 2020’s best performer among the largest technology stocks with a year-end surge with 13 per cent advancement in December amid signs of strong demand for its iPhone 12 models and optimism about its self-driving car efforts.
Apple’s share rose to 84% rally in 2020 compared to Amazon’s 80% increase. The S&P 500 is up 15% this year.
The market has grown increasingly bullish on Apple’s prospects in the coming year. The analysts also project that there would be more demands for iPhones, wearables such as Airpods and services with a recovering economy. According to data compiled by Bloomberg, Apple’s revenue growth is expected to increase to 15% in fiscal 2021 from 6% in 2020. Its profit growth is projected to double to 20%,
With a boom in e-commerce sale this year, Amazon is expected to see slower expansion in 2021 and revenue is projected to climb 19% in 2021.
Apple rose as much as 1.5% to $138.79 before closing with a 1.3% decline. Amazon is valued at 56 times estimated earnings.