Apple Q1 results miss estimates as iPhone revenue drops

February 2, 2023 4:51 PM EST

By Yasin Ebrahim - Apple reported Thursday fiscal first-quarter results that missed analyst expectations, pressured by weaker iPhone sales amid a softer economic backdrop and production issues in China.

Apple (NASDAQ: AAPL) slumped 3% in afterhours following the report.

The company reported EPS of $1.88 on revenue of $117.2 billion. Analysts polled by forecast EPS of $1.94 on revenue of $121.88B.

The weaker-than-expected results come as quarterly revenue fell by the most since 2016, pressured by weaker iPhone sales.

iPhone revenue fell about 8% to $65.78B amid a difficult macroeconomic environment and significant supply constraints,
Revenue in the company’s fast-growing services segment, rose to $20.77B from $19.52B.

Apple’s wearables, home and accessories category revenue fell to $13.48B from $14.70B from the year-ago period, while revenue for the iPad grew to $9.40B from $7.25B.

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