What to Expect From Apple's Earnings — First Revenue Decline Since 2019?

Apple is set to report its earnings results for the first quarter of its 2023 fiscal year tomorrow at 1:30 p.m. Pacific Time. Apple CEO Tim Cook and Apple CFO Luca Maestri will discuss the results on a conference call for investors a half hour later.

10th Gen iPad Feature Fanned Blue
Keep reading for some key things to know about the quarter, including a recap of products announced, revenue expectations, and more.

New Products During Quarter

Apple's first quarter ran from September 25 through December 31, according to the company's 2023 fiscal calendar. Apple released a handful of new products during this period, including updated iPad and Apple TV models:

  • 11-inch iPad Pro (4th generation) and 12.9-inch iPad Pro (6th generation)
  • iPad (10th generation)
  • Apple TV 4K (3rd generation)
  • iPhone 14 Plus (pre-orders began in September)

First Revenue Decline Since 2019?

On average, Apple is estimated to report revenue of $121.2 billion for the quarter, according to Yahoo Finance. This would be down around 2% from $123.9 billion in the year-ago quarter and represent Apple's first revenue decline since 2019.

In November, Apple issued a rare warning to investors about iPhone 14 Pro supply constraints:

COVID-19 restrictions have temporarily impacted the primary iPhone 14 Pro and iPhone 14 Pro Max assembly facility located in Zhengzhou, China. The facility is currently operating at significantly reduced capacity. As we have done throughout the COVID-19 pandemic, we are prioritizing the health and safety of the workers in our supply chain.

We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated and customers will experience longer wait times to receive their new products.

We are working closely with our supplier to return to normal production levels while ensuring the health and safety of every worker.

Conference Call

Apple's CEO Tim Cook and CFO Luca Maestri will hold a conference call at 2:00 p.m. Pacific Time tomorrow to discuss the company's first quarter earnings results. The call should be around one hour long and will include a Q&A segment with analysts.

A live audio stream of the conference call will be available on Apple's Investor Relations page, and a recording will be available at a later time for replay.

Investors will be listening for any potential commentary surrounding the economy as concerns persist about a recession in the U.S. and other countries.

What's Next

Apple's second quarter of fiscal 2023 began January 1 and runs through April 1. The quarter has already included orders for updated 14-inch and 16-inch MacBook Pro models, updated Mac mini models, and a new HomePod.

Apple has not provided guidance since the start of the COVID-19 pandemic, but analysts currently expect Apple to post sub-1% year-over-year growth in Q2 2023.

AAPL is currently trading slightly below $143, down around 20% from a 52-week high of $179.61.

Tags: AAPL, Earnings

Popular Stories

election results 2024 live activities

Track 2024 U.S. Election Results Live on Your iPhone Lock Screen

Tuesday November 5, 2024 5:02 am PST by
Apple News is providing Live Activities support for the 2024 U.S. presidential election, allowing iPhone and iPad users to track electoral results in real time directly from their Lock Screen. The feature is rolling out for U.S. users over the course of Election Day, November 5, providing continuous updates of the electoral count. So if you're interested, you don't need to repeatedly check...
Generic iOS 18

Everything New in iOS 18.2 Beta 2

Monday November 4, 2024 12:34 pm PST by
Apple today seeded the second betas of upcoming iOS 18.2 and iPadOS 18.2 updates to developers, and Apple is continuing to refine the Apple Intelligence capabilities. There are also a handful of smaller features that are worth knowing about. Find My Find My has a new option to Share Item Location with an "airline or trusted person" that can help you locate something that you've misplaced....
iCloud General Feature

Here's What's New in Apple's Updated iCloud Terms and Conditions Taking Effect Next Week

Friday September 13, 2024 7:39 am PDT by
Apple has started notifying users about an upcoming revision to its iCloud Terms and Conditions, which takes effect on Monday, September 16. We compared the text of the upcoming iCloud Terms and Conditions with the current U.S. version from September 18, 2023 and identified four key changes: "Apple ID" references have been changed to "Apple Account" throughout. iCloud users must agree to ...
ipads early bf deals

The Best Early Black Friday iPad Deals

Tuesday November 5, 2024 7:02 am PST by
Black Friday is still a few weeks away, but you can already find great prices on numerous iPads, including the 9th generation iPad, 10th generation iPad, iPad Air, and iPad mini. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running. Of course, there is a chance that ...
ios 18 2 chatgpt plus

iOS 18.2 Beta 2 Shows Siri ChatGPT Limit, Offers 'Plus' Upgrade Option

Monday November 4, 2024 10:54 am PST by
With the second beta of iOS 18.2 that's available for developers today, Apple has further fleshed out the ChatGPT integration that's available with Siri. In the Settings app, there's now a section that shows the ChatGPT daily limit, and offers an option to upgrade to the paid ChatGPT Plus plan. The beta includes an Advanced Capabilities section with a "Daily Limit" reading that shows up as...
M4 MacBook Pros Thumb

M4 MacBook Pro Reviews: Processor Benchmarks Impress, New Nano-Texture Option Worth the Extra $150

Thursday November 7, 2024 6:14 am PST by
The first wave of reviews of Apple's new M4-powered MacBook Pro models were published this morning. We've collected some of the latest impressions from YouTube channels and select media outlets below. Apple last month announced the new 14-inch and 16-inch MacBook Pro models, adding next-generation M4, M4 Pro, and M4 Max chips, with Thunderbolt 5 ports on higher-end models, display and camera ...
early apple watch black friday

The Best Early Black Friday Apple Watch Deals

Wednesday November 6, 2024 6:33 am PST by
Black Friday is just around the corner, and Apple Watch deals have begun appearing ahead of the shopping holiday on November 29. In this article, we'll take a look at all of the best early Black Friday Apple Watch deals, including the new Series 10 models. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small...

Top Rated Comments

WiiDSmoker Avatar
23 months ago
They’ll blame supply, but they should blame their insanely high prices, especially in Europe.
Score: 32 Votes (Like | Disagree)
PauloSera Avatar
23 months ago
The question is how long can they get away with blaming supply when they should be blaming poor value? The products are ridiculously overpriced and are not advancing at the same rate as their prices.
Score: 15 Votes (Like | Disagree)
HobeSoundDarryl Avatar
23 months ago
The pattern with most companies lately is to report a revenue decline but a profit hit or record. In other words: “We sold less but net profited more.

Apparently, sellers are immune from the pinch of “inflation.” Or inflation (and “supply chain”) is a great corporate excuse to fatten margins by passing on ALL higher costs to consumers… and then some. ???
Score: 12 Votes (Like | Disagree)
icanhazapple Avatar
23 months ago
"First Revenue Decline Since 2019?"

Raising prices has consequences.
Score: 11 Votes (Like | Disagree)
sw1tcher Avatar
23 months ago

"First Revenue Decline Since 2019?"

Raising prices has consequences.
It has more to do with the fact that people bought what they needed during the pandemic years and don't feel the need to replace what they bought 2 years later hence the decline in PC and smartphone shipments

https://forums.macrumors.com/threads/pc-shipments-saw-their-largest-decline.2376688/

https://www.macrumors.com/2023/01/26/iphone-shipments-down-2022-holiday-period/

Then there's the worry about a recession and people shifting their spending towards traveling and doing stuff vs buying physical discretionary items.
Score: 7 Votes (Like | Disagree)
WiiDSmoker Avatar
23 months ago

Can anyone explain to me how the Second Quarter starts in January when the year 2023 starts in January? Shouldn’t we currently be in the 1st quarter or is that another weird American thing like putting the month before the day? Seriously wondering, no shade. Stock stuff is too complicated to me, tried EFTs for a while but failed miserably
Fiscal year doesn’t always equal calendar year
Score: 7 Votes (Like | Disagree)