What to Expect From Apple's Earnings Results Following New Macs and HomePod
Apple will report its earnings results for the second quarter of its 2023 fiscal year on Thursday, May 4 at 1:30 p.m. Pacific Time. Apple's CEO Tim Cook and CFO Luca Maestri will discuss the results on a conference call for investors a half hour later.
Keep reading for some key things to know about the quarter, including a recap of new products announced, revenue expectations, and more.
New Products During Quarter
The quarter ran from January 1 through April 1, according to Apple's fiscal calendar, and included the following product launches:
- 14-inch and 16-inch MacBook Pro (M2 Pro and M2 Max chips)
- Mac mini (M2 and M2 Pro chips)
- HomePod (2nd generation)
- iPhone 14 and iPhone 14 Plus (Yellow)
- Black Unity Sport Loop
Year-Over-Year Revenue Decline Expected
Apple has not provided guidance since the start of the COVID-19 pandemic, but analysts currently expect the company to report revenue of around $93 billion on average this quarter, according to Yahoo Finance. This would be a revenue decline of around 4.5% compared to the $97.3 billion the company reported in the year-ago quarter.
Maestri provided the following commentary on Apple's earnings call last quarter:
Given the continued uncertainty around the world in the near term, we are not providing revenue guidance, but we are sharing some directional insights based on the assumption that the macroeconomic outlook and COVID-related impacts to our business do not worsen from what we are projecting today for the current quarter. In total, we expect our March quarter year-over-year revenue performance to be similar to the December quarter.
Cook and Maestri will hold a conference call at 2:00 p.m. Pacific Time on May 4 to discuss the company's second quarter earnings results. The call should last around one hour 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 later in the day 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.
Apple's third quarter began April 2 and runs through July 1. Apple has yet to announce any new products during this quarter, but it did open its first retail stores in India and launch an Apple Card savings account in partnership with Goldman Sachs.
AAPL is currently trading at around $168, down around 4.5% from a 52-week high of $176.15.
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