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September 30, 2023
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Apple’s $117.2 billion Q1 misses earnings expectations

Apple on Thursday reported revenues of $117.2 billion in the first fiscal quarter, off 5% from a year earlier. While there were several bright spots, the financial report confirmed iPhone supply challenges plagued the company in the last three months of 2022, compounded by the effects of a strong dollar.

The numbers game

The overall numbers tell the story:

  • Product sales generated $96.3 billion compared to $104.4 billion in Q1 FY 22.
  • Services generated $20.7 billion, up from $19.5 billion a year ago.

Apple’s execs cited a difficult foreign exchange environment and supply chain challenges as the main problems. They explained the company revenue did grow on a “constant currency basis” — though the currency wasn’t constant and revenue didn’t grow as a result.

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