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Apple Q2 earnings beat expectations on better than anticipated iPhone sales

Daniel Howley
·Technology Editor
Updated ·2-min read

Apple (AAPL) announced its fiscal Q2 earnings after the bell on Thursday, beating analysts' expectations on better-than-expected iPhone sales, though Mac and iPad sales fell short of estimates. Revenue fell 3% year-over-year.

Apple, like other electronics makers, is dealing with declines in PC and tablet sales. Semiconductor giants Intel (INTC) and AMD (AMD) both reported dramatic declines in chip revenue.

Here are the most important numbers from the report compared to what Wall Street was anticipating, according to data from Bloomberg.

  • Revenue: $94.8 billion versus $92.6 billion expected

  • Adj. EPS: $1.52 versus $1.43 expected

  • iPhone: $51.3 billion versus $48.9 billion expected

  • Services: $20.9 billion versus $21.1 billion expected

  • Mac: $7.1 billion versus $7.7 billion expected

  • iPad: $6.6 billion versus $6.7 billion expected

  • Wearables: $8.7 billion versus $8.5 billion expected

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Shares of Apple were up 2% following the announcement.

Apple's iPhone beat runs counter to the broader smartphone market. On Wednesday, smartphone chipmaker Qualcomm (QCOM) reported a 17% overall decline in second quarter revenue, with handset revenue dropping 17%. And that's not expected to pick up in Qualcomm's fiscal third quarter, either, as the company expects continued continued weakness in the industry.

Apple CEO Tim Cook gestures during the inauguration of India's first Apple retail store in Mumbai, India, April 18, 2023. REUTERS/Francis Mascarenhas
Apple CEO Tim Cook gestures during the inauguration of India's first Apple retail store in Mumbai, India, April 18, 2023. REUTERS/Francis Mascarenhas (Francis Mascarenhas / reuters)

But Apple couldn't escape the decline in PC sales, as both Mac and iPad revenue fell compared to the same quarter last year. Worldwide shipments of computers fell 30% year-over-year in the first quarter of 2023, according to Gartner. As a result, Intel saw first quarter revenue fall 36% year-over-year as its PC chip business revenue dropped 38%. AMD didn't fare much better, as its chip revenue collapsed 64% in the quarter.

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Sign up for Yahoo Finance's tech newsletter. (Yahoo Finance)

Outside of earnings, Apple is preparing to host its annual WWDC conference where the company is largely expected to show off its highly anticipated AR/VR headset. The device, which the company has yet to confirm exists, could provide Apple with another revenue stream, and set up the firm as a key player in the still-nascent market.

By Daniel Howley, tech editor at Yahoo Finance. Follow him @DanielHowley

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