Apple Sells Down After Earnings

After reporting earnings, Apple dropped 3.39% after hours

Apple reported Q4 2023 earnings last night and closed down 3.39% in after hours trading.

The Earnings

• EPS: $1.46 per share vs. $1.39 per share expected 

• Revenue: $89.5 billion vs. $89.28 billion expected 

• iPhone revenue: $43.81 billion vs. $43.81 billion expected 

• Mac revenue: $7.61 billion vs. $8.63 billion expected 

• iPad revenue: $6.44 billion vs. $6.07 billion expected 

• Wearables revenue: $9.32 billion vs. $9.43 billion expected 

• Services revenue: $22.31 billion vs $21.35 billion expected 

• Gross margin: 45.2% vs. 44.5% expected 

Earnings Analysis

This earnings was a mixed bag for Apple, as EPS and revenue beat expectations and iPhone revenue was in line with expectations, however sales dropped for the fourth consecutive quarter, and competition in China is heating up, as sales in the country dropped 2.5%. While Apple noted that they gained market share in China, the decline in sales is worrisome for investors. They also had a cautious outlook on sales going into what is typically their strongest quarter, which is also noteworthy.

Apple looks set for a re-test of the 55 SMA tomorrow.

For more information on Apple’s earnings, watch the video below: