(Bloomberg). — Apple Inc. (NASDAQ:) may need to buy back a large amount of stock. Investors face the worst month since the global financial crises. The market’s reaction to Alphabet (NASDAQ:) Inc.’s report shows it will also need blowout earnings.

Apple, seen as an asset that can be trusted by the FAANG group of companies, is likely to announce a buyback program for shares up to $90 billion after it releases its quarter-end results on Thursday.

However, this alone might not be enough for the stock to rise. Shares in Google’s parent company fell in premarket trading on Wednesday, even after the company announced a $70 billion buyback of Class A and Class C shares. Investors looked at a missed quarterly earnings per-share, slower ad revenue in Europe, and an unsatisfactory performance by YouTube.

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Apple buybacks were a core part of its investment case. This is especially true during volatile times when technology stocks are in decline. Investors like repurchase programs as they reduce a company’s share count and thereby provide a lift to earnings.

“Apple’s free cash flow and buybacks have definitely supported the company to a larger degree than its peers,” said Bob Shea, chief investment officer at Trim Tabs Asset Management. “Everything is coming under pressure right now, and investors are looking for names with high-quality and sustainable free-cash-flow profitability. Apple is at the top of that list.”

But with expectations for a huge buyback potentially already baked in, Bernstein analyst Toni Sacconaghi says investors are likely to be most focused on the iPhone maker’s outlook. Apple faces several emerging headwinds, including lockdowns in China impacting its suppliers, the company’s withdrawal from Russia, dollar appreciation and a squeeze on consumers in Europe, he said.

“While Apple’s ongoing buyback has the potential to drive solid EPS growth, we believe that Apple’s multiple will be most shaped by its top line growth, which we think is likely to be low-to-mid single digits over time,” he wrote.

A buyback exceeding the $90 billion that was announced in April last year could still boost stock. “There is plenty of firepower for capital returns to accelerate,” according to Evercore ISI analyst Amit Daryanani. “Capital returns remain central to the Apple bull thesis, so a better-than-expected authorization could contribute to some post-earnings upside.”

Investors in tech could use some positive news. In the wake of disappointing Netflix Inc (NASDAQ:) results, The Dow has dropped 12% between Tuesday and April. Investors are turning their backs on growth stocks amid rising geopolitical tensions and increasing interest rates. Apple is actually down 10% for the month.

Meta Platforms Inc. is the next major datapoint, and it reports after today’s close. After results revealed slowing user growth, the Facebook parent (NASDAQ:), was one of the biggest disappointments in the previous earnings season. It plunged 26%. After Alphabet’s comments about a pullback in ad spend in Europe since Russia’s invasion of Ukraine, investors will also be focused on Meta’s ad revenue in that region.

Tech Chart for the Day

Meta’s market value fell below $500 billion for the first time in about two years ahead of results. In February, the post-results plunge erased approximately $251.3 billion of market value. It was the worst single day for any U.S. corporation ever and Meta hasn’t recovered. 

Top Tech Stories

• Google parent Alphabet Inc. reported first-quarter revenue that fell short of analysts’ expectations, a rare miss for the technology giant reflecting slower ad sales in Europe and a lackluster performance by its YouTube video service
• Microsoft Corp (NASDAQ:). reported quarterly sales and earnings that topped analysts’ projections, fueled by robust growth in its Azure cloud-services demand
• SZ DJI Technology Company, a drone-maker, has stopped all business operations in Russia and Ukraine. It is now the most prominent Chinese company to leave the conflict-torn regions.
• South Korean memory chipsmaker SK Hynix Inc. saw profit increase by more than twofold in its last quarter, after slowing consumer demand offset by datacenter sales. Memory prices also fell less than we expected.
• Companies from Microsoft Corp. to Texas Instruments (NASDAQ:) Inc. that long benefited from supply chains that run through China are now paying a price for the country’s sweeping lockdowns that have confined millions to their homes

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