Market Insider

Apple just a bit of a respite from currency concerns

Currency's Game of Thrones: Lacamp

After investor sentiment took a large hit in the wake of disappointing results from multinationals, Apple's breathtaking results should be a welcome relief to Wall Street.

The consumer-technology supplier beat on both the top and bottom lines in releasing results after Tuesday's close, with its shares rising in extended-hours trading.

"It's the first time Apple will sell more iPhones in China than in the U.S., but on balance the currency concerns we've dealt with today (Tuesday) probably won't be as steeped into the Apple results," Art Hogan, chief strategist at Wunderlich Securities, said.

"They have a bit of a currency offset because they make things in lots of different currencies and sell in different currencies. It's not as though they are making things in dollars and selling in euros," said Hogan, who adds the impact of the dollar's strength has "an effect, but it's not as marked as a strictly traditional U.S. manufacturer, like Procter & Gamble and Coca-Cola.