Apple Inc.
Expecting Stronger Q2, Despite Weak Q1
Published: 2/9/2023
Author: Sid Rajeev, B.Tech, CFA, MBA
![Expecting Stronger Q2, Despite Weak Q1 - Main Image](/_next/image?url=https%3A%2F%2Ffrc-backend.s3.ca-central-1.amazonaws.com%2Fpictures%2F35bf1919-4f1c-4fb4-8635-35b641d9dd49-AppleReportImage.webp&w=1080&q=75)
Sector: Technology | Industry: Consumer Electronics
Ticker Symbols:
AAPL - NASDAQ 🔹
AAPL.NE - CNQ 🔹
Highlights
Q1-FY2023 (quarter ended December 2022) revenue and EPS were down 6% and 10% YoY, respectively. Revenue was 4% lower than our forecast, while EPS was 6% lower. Although revenue from iPad sales and Services were up YoY, iPhone and Mac sales fell significantly.
Q1 revenue was impacted by lower demand, a strong US$, reduced production at the company’s largest manufacturing facility in China (due to COVID-19 lockdowns), and weak global PC and smartphone sales (down 28% and 18%, respectively, in the quarter ended December 2022).