HomeTechnologyApple Set to Report Q1 Earnings After Closing Bell

Apple Set to Report Q1 Earnings After Closing Bell

Apple Inc is set to release its first quarter earnings after the closing bell on February 2. Investors and analysts alike are exhibiting great interest in the tech giant’s financial results, particularly as an indication of how COVID lockdowns in China have impacted iPhone sales.

Wall Street estimates for Apple’s Q1 revenue are $121.1 billion, just short of the company’s $123.9 billion revenue in 2022. Adjusted earnings per share are expected to be $1.94, shy of 2022’s figure of $2.10. While experts expect iPhone, Mac, and wearables revenues to decline compared to the previous year, iPad sales are expected to rise.

The company’s underwhelming earnings estimates come after Apple endured production disruptions including COVID lockdowns and worker protests at manufacturer Foxconn’s facility in Zhengzhou, China – the plant that produces the bulk of Apple’s iPhone 14 Pro and iPhone 14 Pro Max devices.

Despite shares being off 16% on Wednesday, Apple’s stock has continued to outperform much of its fellow Big Tech shares over the past year.

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