What to Expect From Apple's Earnings Next Week Following New Macs
Apple will report its earnings results for the third quarter of its 2023 fiscal year on Thursday, August 3 at 1:30 p.m. Pacific Time. Apple's CEO Tim Cook and CFO Luca Maestri will discuss the results on a conference call with analysts 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 April 2 through July 1, according to Apple's fiscal calendar, and included the following product launches:
- 15-inch MacBook Air (M2 chip)
- Mac Studio (M2 Max and M2 Ultra chips)
- Mac Pro (M2 Ultra chip)
Year-Over-Year Revenue Decline Expected
Apple has not provided formal revenue guidance since the start of the COVID-19 pandemic, but analysts currently expect the company to report revenue of around $81.6 billion this quarter on average, according to Yahoo Finance. This would be a decline of around 1.7% compared to the $83 billion revenue the company reported in the year-ago quarter.
Maestri provided the following commentary on Apple's earnings call last quarter:
We expect our June quarter year-over-year revenue performance to be similar to the March quarter, assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter.
Cook and Maestri will hold a conference call at 2:00 p.m. Pacific Time on August 3 to discuss the company's third 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.
Apple's fourth quarter began July 2 and runs through September 30. Apple has yet to announce any new products during the quarter, but new iPhone and Apple Watch pre-orders are expected to begin in the final few weeks of the quarter.
AAPL is currently trading at around $194, and is up around 55% since the start of the year.
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