Apple misses Q1 earnings expectations as iPhone sales fall short

[mahatmakanejeeves]

Full disclosure: I own shares of AAPL.

Yahoo Finance

Apple misses Q1 earnings expectations as iPhone sales fall short

Daniel Howley · Technology Editor
Thu, February 2, 2023 at 4:33 PM EST

Apple (AAPL) reported its Q1 earnings after the closing bell on Feb. 2, missing analysts' expectations on the top and bottom line as iPhone sales came up short, declining more than 8% year-over-year.

Here are the most important numbers from the report compared to what Wall Street was expecting, as compiled by Bloomberg.

• Revenue: $117.1 billion versus $121.1 billion expected

• Adj. earnings per share: $1.88 versus $1.94 expected

• iPhone revenue: $65.7 billion versus $68.3 billion expected

• Mac revenue: $7.7 billion versus $9.72 billion expected

• iPad revenue: $9.4 billion versus $7.7 billion expected

• Wearables: $13.4 billion versus $15.3 billion expected

• Services: $20.7 billion versus $20.4 billion expected

Apple shares were down more than 3% immediately following the report.

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Apple faced significant headwinds throughout November and December, from COVID lockdowns and worker protests at manufacturer Foxconn’s facility in Zhengzhou, China. The plant, which employs 200,000 workers, produces the bulk of Apple’s iPhone 14 Pro and iPhone 14 Pro Max handsets.

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