Feb 2, 2023 - Technology

Apple's quarterly sales and earnings fell short of expectations

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Illustration of an apple cracking like an egg

Illustration: Annelise Capossela/Axios

Apple on Thursday reported quarterly revenue and per-share earnings that were short of what analysts had been projecting.

The big picture: Apple's report comes as others in tech have warned of a weak market for PCs, smartphones and online advertising.

  • Apple's stock traded lower in after-hours trading after the report, changing hands recently at $144.53, down $6.29, or more than 4%.

By the numbers:

  • Revenue: $117.2 billion (vs. FactSet expectations of $121.4 billion, via Marketwatch)
  • Per-share earnings: $1.88 (vs. FactSet expectations of $1.94)
  • iPhone revenue: $65.78 billion, down from $71.63 billion a year ago.
  • iPad revenue: $9.4 billion, up from $7.25 billion a year ago.
  • Mac revenue: $7.74 billion, down from $10.85 billion a year ago.
  • Wearables and accessories revenue: $13.48 billion, down from $14.7 billion a year ago.
  • Services revenue: $20.77 billion, up from $19.52 billion.

What they're saying: On a conference call with analysts, CEO Tim Cook blamed the lower revenue on three factors: The impact of foreign exchange rates; a challenging economy; and COVID-19-related shutdowns at factories in China that limited production of the iPhone 14 Pro and iPhone 14 Pro Max.

  • "Production is now back where we want it to be," Cook said.
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