Coming up on this week, one of the biggest companies in the world, Apple, reported on its Q1 2023 earnings results. Unfortunately, Apple didn’t have a lot of good news for shareholders this quarter. The company’s products struggled through the previous quarter and it ended up with Apple coming up short on both revenue and earnings-per-share (EPS) against expectations.
Apple reported its Q1 2023 earnings results via its investor relations website on February 2, 2023. It was there that Apple revealed its revenue for Q1 2023 was $117.2 billion USD. Unfortunately, that was quite shy of the analyst expectations, which called for $121 billion on Apple’s quarter. Likewise, Apple’s EPS came out to $1.88 per share. The analyst expectations were looking for $1.94 per share, and the whisper number expectation was at $1.96 per share.
Falling short on both these fronts was indicative of a number of other shortcomings for Apple’s Q1 2023 earnings results. The company’s products fell short in multiple categories, including the iPhone, Mac, and more. In fact, Mac sales were down 28.7 percent from the prior year. Apple also faced difficulty in the supply of iPhones and other products due to issues such as a FOXCONN factory protest which slowed manufacturing substantially for the company.
It will be interesting to see how Apple recovers from the underperforming Q1 2023, but the company still stands as one of the largest and most significant in the world at this time. Stay tuned as we continue to report on Apple and further tech companies’ earnings results as they happen.