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Apple Q1 results miss estimates as iPhone revenue drops

By Yasin Ebrahim

Investing.com - 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 Investing.com forecast EPS of $1.94 on revenue of $121.88B.

The weaker-than-expected results come as margins slipped 7% and quarterly revenue fell by the most since 2016, pressured by weaker iPhone sales.

iPhone revenue fell about 8% to $65.78B pressured by a difficult macroeconomic environment and significant supply constraints.

In November last year, Apple warned that COVID-19 restrictions had temporarily impacted the primary iPhone 14 Pro and iPhone 14 Pro Max assembly plant in Zhengzhou, China. 

Revenue in the company’s higher margin 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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.