Apple (AAPL) reported its 1st quarter earnings after the closing bell on February 2, missing analyst expectations on the top and bottom line as iPhone sales came up short, declining more than 8% year over year .
Here are the most important numbers from the report compared to what Wall Street was expecting, as compiled by Bloomberg.
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Income: $117.1 billion versus $121.1 billion expected
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touch earnings per share: $1.88 was expected against $1.94
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iPhone revenue: $65.7 billion versus $68.3 billion expected
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Son’s Income: $7.7 billion versus $9.72 billion forecast
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iPad revenue: $9.4 billion versus $7.7 billion expected
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Consumables: $13.4 billion versus $15.3 billion expected
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Services: $20.7 billion versus $20.4 billion expected
Apple shares fell more than 3% immediately after the report.
“As we all continue to face a challenging environment, we are proud to have the best range of products and services ever, and as always, we remain focused on the long term and are at the forefront of our values in everything we do,” Apple CEO. Tim Cook said in a statement.
Apple had major face-offs throughout November and December, due to COVID lockdowns and worker protests at manufacturer Foxconn’s facility in Zhengzhou, China. The plant, which employs 200,000 workers, produces most of the Apple iPhone 14 Pro and iPhone 14 Pro Max handsets.
The Pro and Pro Max, which start at $999 and $1,099, respectively, are two of Apple’s most important devices. Their steeper prices help boost the iPhone’s average selling price, driving higher revenues for the tech giant.
According to IDC’s Quarterly Global Mobile Phone Tracker, Apple’s iPhone shipments fell 14.9% year over year, from 85 million units in Q4 2021 to 72.3 million units in Q4 2022.
Although iPhone sales fell, Cook announced that there are now two billion active devices among Apple’s installed base. Mac and Wearables sales also fell year-over-year, although Apple telegraphed those declines during its Q4 earnings report.
Despite the slowing sales, Apple still managed to avoid large-scale layoffs, unlike its peers including Microsoft, Google, and Amazon (AMZN).
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