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).