Apple’s iPhone business was hit by COVID-19 curbs in China. The company’s upcoming earnings report will show how deeply the company was impacted and how quickly it’s been able to recover.
Apple Inc.’s iPhone business was hit by COVID-19 curbs in China. The company’s upcoming earnings report will show how deeply the company was impacted and how quickly it’s been able to recover.
What to expect Earnings: Analysts tracked by FactSet anticipate that Apple earned $1.94 a share in its fiscal first quarter, down from $2.10 a share a year prior. According to Estimize, which crowdsources projections from hedge funds, academics, and others, the average estimate is for $1.98 a share. Analysts model $15.3 billion in revenue from wearables, home and accessories for the quarter, up from $14.7 billion a year earlier. Services revenue is expected to rise to $20.4 billion from $19.5 billion.
What else to watch for While Evercore ISI analyst Amit Daryanani saw some possible “downside” to December-quarter driven by iPhone dynamics, he said that a pullback in Apple’s stock suggests “a miss shouldn’t have a material impact on shares as long as Apple provides a guide that indicates they expect to recover the lost sales as we move through FY23.”“With supply chain challenges largely normalized, we now believe AAPL is entering a period of slower demand due to macro factors,” Cowen & Co.
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