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.