March 29, 2023
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Apple (AAPL) Miss Both on Earnings and Revenue

AAPL apple earnings preview

Apple (AAPL) reported its first quarter for fiscal 2023 which ended on December 2022, with earnings below the analysts expectations. Sales dropped to most of the product sectors. Here are the key points:

Apple’s EPS dropped 10.9% year-over-year to $1.88 below the expectations of $1.94. That was the first miss for the company since 2016.

Revenue dropped 5.49% year-over-year to $117.15 billion, below the expectations of $121.10 billion

iPhone revenue is down 8.17% (YoY) to $65.78 billion below the expectations of $68.29 billion

Mac revenue is down 28.66% (YoY) to $7.74 billion below the expectations of $9.63 billion

iPad revenue increased 29.66% to $9.40 billion beating the expectations of $7.76 billion

Other Products revenue dropped 8.3% (YoY) to $13.48 billion well below the expectations of $15.23 billion

Services revenue increased 6.4% to $20.77 billion topping the forecasts of $20.67 billion

Gross margin at 42.96% in line with expectations of 42.95%.

AAPL board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. 

Here are the latest Apple price target from Wall Street analysts.

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