Apple dips as Q1 results miss expectations, led by iPhone weakness - Seeking Alpha

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Apple (NASDAQ:AAPL) fell much than 3.5% successful extended-hours trading connected Thursday aft the tech elephantine posted first-quarter results that were worse-than-expected, owed successful portion to "significant proviso constraints."

For the play ending December 31, Apple (AAPL) earned $1.88 per stock connected $117.15B successful revenue, arsenic the iPhone accounted for $65.78B successful sales, coming successful beneath estimates.

In November, Apple (AAPL) warned that the iPhone 14 Pro would beryllium proviso constrained owed to the COVID-19 pandemic and its drastic interaction connected China.

Also seeing weakness during the play were the company's Mac and Wearables business, arsenic some accounted for $7.74B and $13.48B successful sales, beneath estimates.

Despite the merchandise weakness, the company's iPad concern generated $9.4B successful revenue, topping expectations. Also showing spot during the play was the company's Services segment, which accounted for $20.77B successful gross during the period.

In a statement, CEO Tim Cook acknowledged the hard environment, but added that the institution remains "focused connected the agelong word and are starring with our values successful everything we do."

Analysts projected Apple (AAPL) to gain $1.95 per stock connected gross of $121.65B successful revenue.

Cook besides noted that Cupertino, California-based Apple (AAPL) has surpassed much than 2B progressive devices arsenic portion of its installed base.

Apple (AAPL) volition clasp a league telephone astatine 5 p.m. EST to sermon the results.

On Thursday, Colorado Senator Michael Bennet wrote a missive to Apple (AAPL) CEO Tim Cook and Google (GOOG) (GOOGL) CEO Sundar Pichai, asking the 2 tech chieftains to prohibition ByteDance's (BDNCE) fashionable TikTok app from their respective app stores.