Earnings

Apple (AAPL) earnings Q1 2023

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Wedbush's Dan Ives on Apple earnings: Much better than feared

Apple missed expectations for revenue, profit, and sales for many of its lines of business on Thursday, sending the stock lower in extended trading. Apple’s overall sales for the holiday quarter were about 5% lower than last year’s, the first year-over-year sales decline since 2019.  

Apple CEO Tim Cook said three factors hurt the results: a strong dollar, production issues in China affecting the iPhone 14 Pro and iPhone 14 Pro Max, and the overall macroeconomic environment. 

“On the third factor, I would say was just the challenging macroeconomic environment, and you’re hearing that from, I would think, everybody,” Cook told CNBC’s Steve Kovach. 

Apple shares dropped over 4% at one…



Source cnbc.com

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