2/2, 10:31 PM (Source: TeleTrader)
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Apple misses estimates with EPS at $1.88 in Q1

Apple said on Thursday its revenue in the first quarter of its fiscal 2023 amounted to $117.2 billion, declining 5% compared to the corresponding quarter a year earlier and missing estimates.

Diluted earnings per share (EPS) also came in below expectations at $1.88, marking a 10% drop year on year. iPhone sales were down 8% to $65.7 billion, while Services revenue hit an all-time high of $20.8 billion. The tech giant also declared a dividend of $0.23 per share that will be payable on February 16 to shareholders of record as of February 13.

"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," CEO Tim Cook stated.

Apple shares plunged 4.36% in after-hours trading after the company's results disappointed on both the top and bottom lines.

Baha Breaking News (BBN) / NP