Apple Misses Estimates as iPhone Sales Decline

Inspecting the new Apple iPhone XR during an Apple special event

Justin Sullivan / Staff / Getty Images

Key Takeaways

  • Apple (AAPL) reported financial results for the first quarter of fiscal 2023 after the markets closed on Feb. 2, 2023.
  • The tech giant missed expectations on profit, revenue, and iPhone sales.
  • Shares declined 4% in after-hours trading following the release.

Apple (AAPL) shares are down in extended trading as the tech giant's earnings, revenue, and iPhone sales were less than expected.

Apple posted a fiscal 2023 first quarter profit of $1.88, with sales falling 5.5% to $117.15 billion. Both missed forecasts. It was Apple's first quarterly drop in sales in almost four years.

iPhone revenue declined 8.2% to $65.78 billion. Analysts had been anticipating about $3 billion more. Sales in the Mac category declined, as well as Wearables, Home and Accessories. Services and iPad sales were higher.

Difficult Environment

As with many other companies, Apple CFO Luca Maestri pointed to "a difficult macroeconomic environment," as well as significant supply constraints. CEO Tim Cook also called it a "challenging environment" and said the company is remaining "focused on the long term." Apple didn't provide guidance for the current quarter.

Shares of Apple fell 4% in after-hours trading.

Chart showing the share price performance of Apple (AAPL) on Feb. 2, 2023


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  1. Apple. "Apple Reports First Quarter Results."

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