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#Apple Misses Earnings Expectations, But Sets Revenue Record For Services Business

Apple Misses Earnings Expectations, But Sets Revenue Record For Services Business

In a rarity for the tech giant, Apple missed Wall Street’s earnings and revenue expectations for its first quarter, reporting earnings per share of $1.88 and revenue of $117.15 billion. Both income and revenue came in below totals the year-earlier totals of $2.10 and $123.9 billion.

“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”

Cook specifically cited foreign exchange headwinds, supply chain challenges related to COVID-19, which impacted Apple’s iPhone 14 and iPhone 14 Pro Max sales, and the challenges of “Inflation, war in Eastern Europe and the enduring impacts of the pandemic.”

Apple Services, which encompasses Apple TV+, Apple Music, Apple Arcade and more, came in at $20.8 billion for the three months ended Dec. 31, up from $19.5 billion a year earlier. 

“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”

iPhones continued to make up bulk of Apple’s revenue, bringing in $65.8 billion this quarter, down from $71.6 billion a year earlier.

More to come.

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