Apple Falls Short Of Wall Street Quarterly Targets But Surpasses 2 Billion Active Devices
03.02.2023 - 00:49
/ deadline.com
Apple said it has surpassed 2 billion active devices, but the tech giant disappointed Wall Street with its fiscal first-quarter results.
The tech giant reported revenue of $117.2 billion, down 5% from the year-ago quarter, with earnings per diluted share of $1.88. Wall Street analysts’ consensus forecast was for revenue of $121.1 billion and earnings of $1.94.
In its earnings release, the company cited a “challenging environment” during the quarter ended December 31, which included a wave of disruptions in China. CFO Luca Maestri noted that revenue in the company’s Services unit (which includes streaming offerings like Apple Music and Apple TV+) set a record with $20.8 billion in revenue during the quarter.
Apple stock, like many tech issues, has started 2023 in rebound mode, gaining ground since a bruising 2022 came to a close. But the shares slipped 4% in after-hours trading after the earnings release and the latest reminder that the tech sector is not yet out of the woods.
Revenue from the iPhone — a financial cornerstone for the company over the past decade — missed expectations at $65.7 billion. Operations in China, both at factories and in retail stores, encountered problems during the quarter due to Covid.
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