Apple Q1 results miss estimates as iPhone revenues fall

By Yasin Ebrahim – Apple on Thursday reported first-quarter fiscal results that beat analysts’ expectations, weighed down by weaker iPhone sales amid a softer economic environment and manufacturing woes in China.

Apple (NASDAQ: AAPL) fell 3% in the hours after hours after the report.

The company reported earnings per share of $1.88 on revenue of $117.2 billion. Analysts polled by forecast earnings per share of $1.94 on revenue of $121.88 billion.

The weaker-than-expected results come as quarterly revenue fell the most since 2016, pressured by weaker iPhone sales.

iPhone revenues fell about 8% to $65.78 billion amid a tough macroeconomic environment and significant supply constraints.

Revenue in the company’s fast-growing services segment increased from $19.52 billion to $20.77 billion.

Revenue from Apple’s wearables, home and accessories category fell from $14.70 billion to $13.48 billion from the same period last year, while revenue for the iPad grew from $7.25 billion to $9. 40 billion.