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Apple Reports 1Q 2023 Results: $30.0B Profit on $117.2B Revenue Amid 'Challenging Environment'

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Apple today announced financial results for the first fiscal quarter of 2023, which corresponds to the fourth calendar quarter of 2022.

aapl-1q23-line.jpg

For the quarter, Apple posted revenue of $117.2 billion and net quarterly profit of $30.0 billion, or $1.88 per diluted share, compared to revenue of $123.9 billion and net quarterly profit of $34.6 billion, or $2.10 per diluted share, in the year-ago quarter.

Apple's revenue was down approximately 5% year-over-year, a steeper decline than had been expected by analysts as Apple grappled with iPhone supply issues in particular but which also saw declines in Mac and wearables.

Gross margin for the quarter was 43.0 percent, compared to 43.8 percent in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.23 per share, payable on February 16 to shareholders of record as of February 13.
“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
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As has been the case for over two years now, Apple is once again not issuing guidance for the current quarter ending in March.

aapl-1q23-pie.jpg

Apple will provide live streaming of its fiscal Q1 2023 financial results conference call at 2:00 pm Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Conference call recap ahead...
Click here to read rest of article...

Article Link: Apple Reports 1Q 2023 Results: $30.0B Profit on $117.2B Revenue Amid 'Challenging Environment'
 
Article Link
https://www.macrumors.com/2023/02/02/apple-1q-2023-earnings/
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Apple not issuing guidance for two years and not letting investors know about the quantities sold for four years really should be inexcusable for a company as large as them. They really want investors focusing on other things but eventually it catches up to them like it is now. And the recession hasn’t even started.

I would say to just keep an open mind about what can happen in the next couple of quarters and not necessarily expect Apple revenue and their stock to just keep going up.
 
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Apple did not provide guidance for the current quarter ending in March. It hasn’t provided guidance since 2020, at first citing uncertainty caused by the pandemic. Analysts expected Apple to guide to about $98 billion in sales in the company’s fiscal second quarter.
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Quarter ending in March will be a lot better.

related
www.cnbc.com

Apple sales drop 5% in largest quarterly revenue decline since 2016

Apple's overall sales for the holiday quarter were about 5% lower than last year's, the first year-over-year sales decline since 2019.
www.cnbc.com www.cnbc.com
 
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www.cnbc.com

Apple sales drop 5% in largest quarterly revenue decline since 2016

Apple's overall sales for the holiday quarter were about 5% lower than last year's, the first year-over-year sales decline since 2019.
www.cnbc.com www.cnbc.com

Here’s how Apple did versus Refinitiv consensus expectations:
  • EPS: $1.88 vs. $1.94 estimated, down 10.9% year-over-year
  • Revenue: $117.15 billion vs. $121.10 billion estimated, down 5.49% year-over-year
  • iPhone revenue: $65.78 billion vs. $68.29 billion estimated, down 8.17% year-over-year
  • Mac revenue: $7.74 billion vs. $9.63 billion estimated, down 28.66% year-over-year
  • iPad revenue: $9.40 billion vs. $7.76 billion estimated, up 29.66% year-over-year
  • Other Products revenue: $13.48 billion vs. $15.23 billion estimated, down 8.3% year-over-year
  • Services revenue: $20.77 billion vs. $20.67 billion estimated, up 6.4% year-over-year
  • Gross margin: 42.96% vs. 42.95% estimated


Big drop in Mac and iPad sales, but that was to be expected since people aren't going to go out and replace what they bought 2 years ago during pandemic to work and school from home.
 
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crsh1976 said:
What's going with the Mac? Sales are not only stagnant, they are declining apparently.
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Q1 2022 had a lot of MBP demand because of the new models. Q1 2023 had nothing new to show and lots of rumors that new ones were just around the corner.

iPad performance was also strong at nearly $9.4 billion in revenue, up from $7.2 billion in the year-ago quarter.
Click to expand...

The iPad got refreshed M2 Pros and the new iPad 10, so sales jumped.
 
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sw1tcher said:
www.cnbc.com

Apple sales drop 5% in largest quarterly revenue decline since 2016

Apple's overall sales for the holiday quarter were about 5% lower than last year's, the first year-over-year sales decline since 2019.
www.cnbc.com www.cnbc.com

Here’s how Apple did versus Refinitiv consensus expectations:
  • EPS: $1.88 vs. $1.94 estimated, down 10.9% year-over-year
  • Revenue: $117.15 billion vs. $121.10 billion estimated, down 5.49% year-over-year
  • iPhone revenue: $65.78 billion vs. $68.29 billion estimated, down 8.17% year-over-year
  • Mac revenue: $7.74 billion vs. $9.63 billion estimated, down 28.66% year-over-year
  • iPad revenue: $9.40 billion vs. $7.76 billion estimated, up 29.66% year-over-year
  • Other Products revenue: $13.48 billion vs. $15.23 billion estimated, down 8.3% year-over-year
  • Services revenue: $20.77 billion vs. $20.67 billion estimated, up 6.4% year-over-year
  • Gross margin: 42.96% vs. 42.95% estimated


Big drop in Mac and iPad sales, but that was to be expected since people aren't going to go out and replace what they bought 2 years ago during pandemic to work and school from home.
Click to expand...
Yes, but iPad is actually up almost 30% from your own post. I think you may have flipped it around on reading it.
 
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phill85 said:
Great, time to pick up some shares on the decline after the inevitable knee-jerk response by the “buy high, sell low” crowd 👌
Click to expand...

You can take on more risk if you are rich enough but most people have bills to pay and inflation is still high.

Besides, whats going on in Africa right now with Mercenaries, crypto bribery and South Africa’s alliance with Russia is going to make rare earth metals a problem in the coming years.
 
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GMShadow said:
Q1 2022 had a lot of MBP demand because of the new models. Q1 2023 had nothing new to show and lots of rumors that new ones were just around the corner.



The iPad got refreshed M2 Pros and the new iPad 10, so sales jumped.
Click to expand...
Considering how well Apple does when they introduce new products...you'd think they would stop dragging their feet and underwhelming us with the pace of updates.
 
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