Apple reports Q1-23 earnings of $117.15 billion in revenue vs. the $121.10 billion estimated; missing expectations

February 2, 2023

Appleosophy | Apple reports Q1-23 earnings of $117.15 billion in revenue vs. the $121.10 billion estimated; missing expectations

Apple today has announced its Q1-23 earnings of $117.15 billion in revenue vs. the $121.10 billion estimated; missing expectations. Apple shares have dropped 4% during extended trading hours.

Here how Apple’s Q1-23 earnings results compared to Refinitiv’s consensus expectations. (via CNBC )

EPS: $1.88 vs. $1.94 estimated, down 10.9% year-over-year
Revenue: $117.15 billion vs. $121.10 billion estimated, down 5.49% year-over-year
iPhone revenue: $65.78 billion vs. $68.29 billion estimated, down 8.17% year-over-year
Mac revenue: $7.74 billion vs. $9.63 billion estimated, down 28.66% year-over-year
iPad revenue: $9.40 billion vs. $7.76 billion estimated, up 29.66% year-over-year
Other Products revenue: $13.48 billion vs. $15.23 billion estimated, down 8.3% year-over-year
Services revenue: $20.77 billion vs. $20.67 billion estimated, up 6.4% year-over-year
Gross margin: 42.96% vs. 42.95% estimated

“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”

“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”

Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on February 16, 2023, to shareholders of record as of the close of business on February 13, 2023. Apple will provide live streaming of its Q1-23 financial results call beginning at 2:00 p.m. PT on February 2, 2023. The webcast will be available for replay for approximately two weeks thereafter.