Market News

AAPL Slumps on Earnings Disappointment

Shares of Apple (NASDAQ:AAPL) fell in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $1.88, which missed analysts’ consensus estimate of $1.94 per share. Sales decreased by 5.5% year-over-year, with revenue hitting $117.15 billion. This missed analysts’ expectations of $122 billion.

Only two of Apple’s six major segments saw improvement this quarter. Service revenue jumped from $19.52 billion to $20.76 billion year-over-year. Meanwhile, iPad revenue surged from $7.25 billion to $9.39 billion. The remaining four sectors all lost ground.

Products revenue went from $104.4 billion to $96.39 billion, iPhone revenue dropped from $71.63 billion to $65.78 billion, Mac revenue slipped from $10.85 billion to $7.74 billion, and the wearables, home, and accessories segment slid from $14.7 billion to $13.48 billion.

Overall, Wall Street has a consensus price target of $173.44 on Apple stock, implying 15.99% upside potential, as indicated by the graphic above.

Disclosure

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More