AAPL

Good day, everyone, and welcome to the Apple Q1 fiscal year 2023 earnings conference call. Today's call is being recorded. And now at this time, for opening ...

And we've made it easier to explore for more services because we've added a lot of services on the platform over the last seven years. And that is due to some of the reasons that I was explaining earlier, including the fact that we made it easier for our customers to get engaged on the platform. If we think about the absolute grit of the installed base from 1 billion to 2 billion over 7 years from a device standpoint, how should we think about the penetration of services or the growth in paying customers on services or that time frame? And I don't have the exact market shares in front of me, but I think you would see that from a market share point of view that we grew around the world last quarter despite -- on iPhone despite the challenges that we've had on the supply side. We have experience in that, but I wouldn't necessarily draw the same conclusion that you have in terms of the cost of the product. The second one is that we are seeing that the level of engagement of our customers already in our ecosystem continues to grow. And I give the example of Apple Pay, which it's a great example because we started off primarily in the United States. And you can look no further than some of the things that we announced in the fall with crash detection and fall detection or back a ways with ECG. So obviously, we need to find offsets and more to the negative FX in order to be able to provide this kind of guidance. However, our installed base of devices in the category set a new all-time record, thanks to the largest number of customers new to a smartwatch that we ever had in a given quarter. As a result, net cash was $54 billion at the end of the quarter, and we maintain our goal of becoming net cash-neutral over time. Operating expenses of $14.3 billion were significantly below the guidance range we provided at the beginning of the quarter and grew at a slower pace than in the past as we took actions to respond to the current macro environment.

That was a generally good quarter for Apple, with the iPad the only category to see a fall in revenue: iPhone: $42.63 billion (Up 9.8% YOY); Mac: $11.51 billion ...

You can also join us in The holiday quarter is normally a big deal for Apple. - Services: $19.19 billion (Up 5% YOY) - iPhone: $42.63 billion (Up 9.8% YOY) PT/5 p.m. [AAPL](https://9to5mac.com/guides/aapl/) Q1 2023 earnings call is scheduled for 2 p.m.

The first quarter of Apple's (AAPL) financial year has concluded, come and hear how the company has performed in Q1 2023.

The Apple (AAPL) Q1 2023 earnings call is scheduled to begin at 2:00 p.m. The company also revealed its [M2 Pro and M2 Max chips](https://www.shacknews.com/article/133716/apple-m2-pro-m2-max-chips). Be sure to keep it locked to Shacknews as we bring you breakdowns of the reports from Apple and other companies. [expected revenue to accelerate](https://www.shacknews.com/article/131609/apple-aapl-ceo-tim-cook-expects-revenue-to-accelerate-despite-economic-weakness) despite economic weakness. You will be able to listen to the call via the Shacknews Twitch channel embedded below. Today, the company will release its Q1 2023 earnings report and have a call along with it.

Apple Inc. reported a big double miss on its fiscal Q1 2023 earnings report. While it is a quality company, read why I rate AAPL stock a Hold.

is not a bad company at all -- I am a user of some of its products and have been a shareholder in the past. Apple currently trades at a 44% premium to its long-term average earnings multiple, while the premium to its long-term average EV/EBITDA ratio is even larger, at 67%. AAPL is a quality stock, but a too-expensive one that will face headwinds in the current adverse macro environment. But the fact that Apple is not at fault for the macro environment does not mean that Apple's shares should trade at a very elevated valuation forever. is trading at a pricey valuation while the macro environment is moving against the company, I believe Apple is not an attractive investment at current prices. Apple clearly is experiencing major headwinds from the macro environment right now, as inflation and an economic downturn hurt its sales potential due to consumers becoming more reluctant to buy high-priced tech products. It's thus not Apple that is at fault for a difficult macro environment where Apple's hardware-based sales are hurting, relative to more subscription-based companies such as Microsoft that are outperforming Apple. Macs are Apple's most expensive products, thus consumers that suffer from inflation and that are worried about a potential recession are especially likely to forego the purchase of such a big-ticket item. As shown earlier, the pandemic was a boon for Apple, whereas its sales growth has been rather moderate in prior years, with some ups and downs in between: At the same time, high inflation and a potential recession are bad for the willingness of consumers to buy high-priced discretionary consumer goods, and businesses are less willing to spend heavily on advertisements. I thus am not surprised to see that Apple has fared the worst so far this earnings season among these big tech companies when it comes to revenue generation. Service spending is the hardest to avoid, as this means that subscriptions can't be used any longer.

Apple (AAPL) stock erased most of its Thursday gains afterhours as a plunge in iPhone sales led the company to miss Wall Street consensus for earnings.

The author makes no representations as to the accuracy, completeness, or suitability of this information. Gold price is holding steady above the $1,900 mark, as sellers take a breather after a sharp pullback from ten-month highs of $1,960. EUR/USD is attempting to build a cushion near 1.0900 in the early European morning. GBP/USD is struggling for a clear direction while defending the 1.2200 mark early Friday. The iPad and Services segments were the stars of the quarter. Apple (AAPL) stock erased most of its Thursday gains afterhours as a plunge in iPhone sales led the company to miss Wall Street consensus for earnings and revenue in the fiscal first quarter that ended in December. The author will not be held responsible for information that is found at the end of links posted on this page. The author has not received compensation for writing this article, other than from FXStreet. Additionally, AAPL stock did break through the $150 resistance barrier on the 4-hour and daily charts, so a period of consolidation attuned to the macro picture might ensue, but expect bulls to retake $150 soon enough. First, covid-related shutdowns at factories in China reduced the supply of iPhone 14 Pro and Pro Max models. According to a recent research note from IDC, Apple iPhone sales fell 15% from the same quarter a year ago. [stock](https://www.fxstreet.com/markets/equities) dropped 3.2% afterhours to just below $146.

Apple Inc. missed on top and bottom lines for fiscal Q1 2023. Production issues and currency headwinds were known. Click here for my full analysis of AAPL ...

[average price target](https://seekingalpha.com/symbol/AAPL/ratings/sell-side-ratings) on the street was $168. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. In the end, Apple Inc. We knew the dollar was strong, and we knew that the major iPhone production plant was significantly impacted during the quarter. Nearly $20 billion was spent on share repurchases, as management continues the greatest capital return plan in corporate history. Wearables and other revenues were also a little light, but some of that might be attributable to Apple not getting as many add-ons with iPhone sales being down. Well, the iPhone itself was down $5.85 billion over the year-ago period. Apple missed the average street estimate for Q1 by about $4.5 billion. Production was only at about 20% of normal at the end of November, according to one analyst report I previously discussed, and got back to around 30% by mid-December. This should shift to a tailwind as we move throughout 2023 if the dollar stays where it currently is. (NASDAQ: [AAPL](https://seekingalpha.com/symbol/AAPL)). In the chart below, you can see how Street estimates kept coming down over time.

The reported revenue represents a surprise of -3.34% over the Zacks Consensus Estimate of $121.21 billion. With the consensus EPS estimate being $1.93, the EPS ...

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Apple's (AAPL) first-quarter fiscal 2023 results reflect the supply shortage of iPhone 14 Pro and iPhone 14 Pro Max in November and through December, ...

The figure beat the consensus mark by 22.51% and our estimate of $8.98 billion. The figure beat the consensus mark by 6% and our estimate of $8.77 billion. Mac sales of $7.74 billion decreased 28.7% from the year-ago quarter and accounted for 6.6% of total sales. Europe’s sales missed the consensus mark by 4.2% and our estimate of $28.54 billion. Wearables, Home and Accessories sales decreased 8.3% year over year to $13.48 billion and accounted for 10.7% of total sales. Operating expenses are expected between $13.7 billion and $13.9 billion. Greater China sales decreased 7.3% from the year-ago quarter to $23.91 billion, accounting for 20.4% of total sales. Japan’s sales decreased 5% year over year, accounting for 5.8% of total sales. America’s sales decreased 4.3% year over year to $49.28 billion and accounted for 42.1% of total sales. The region accounted for 25.3% of total sales. iPhone sales decreased 8.2% from the year-ago quarter to $65.78 billion and accounted for 56.1% of total sales. Services revenues grew 6.4% from the year-ago quarter to $20.77 billion and accounted for 17.7% of sales.