Apple (NASDAQ:AAPL) reported an EPS of $1.89, missing estimates of $1.94.
The company’s net profit declined by 10.9% YoY during Q4 2022, with total revenues, iPhone revenues, and Macbook revenues all declining YoY during the quarter. The earnings miss represents the first time Apple failed to live up to expectations in 7 years.
The holiday season did not prove fruitful for Apple, with there being a shortage of iPhone models due to COVID restrictions at one of Apple’s largest factories in China. The company’s stock declined around 4% after-hours.
According to Apple CEO Tim Cook, Apple is cutting costs and slowing down the pace of hiring, but has not followed in the footsteps of many large tech companies in laying off a portion of their employees.