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Apple (AAPL) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
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For the quarter ended March 2023, Apple (AAPL - Free Report) reported revenue of $94.84 billion, down 2.5% over the same period last year. EPS came in at $1.52, compared to $1.52 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $93.32 billion, representing a surprise of +1.63%. The company delivered an EPS surprise of +5.56%, with the consensus EPS estimate being $1.44.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Apple performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Wearables, Home and Accessories: $8.76 billion versus the nine-analyst average estimate of $8.66 billion.
Revenue- iPhone: $51.33 billion versus $49.40 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +1.5% change.
Net Sales- Services: $20.91 billion versus $20.86 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +5.5% change.
Revenue- Mac: $7.17 billion versus the nine-analyst average estimate of $7.82 billion. The reported number represents a year-over-year change of -31.3%.
Net Sales- Products: $73.93 billion compared to the $72.30 billion average estimate based on nine analysts. The reported number represents a change of -4.6% year over year.
Revenue- iPad: $6.67 billion versus the nine-analyst average estimate of $6.72 billion. The reported number represents a year-over-year change of -12.8%.
Gross margin- Services: $14.84 billion versus $14.80 billion estimated by six analysts on average.
Gross margin- Products: $27.13 billion versus the six-analyst average estimate of $26.20 billion.
Shares of Apple have returned +2.3% over the past month versus the Zacks S&P 500 composite's -0.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Apple (AAPL) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended March 2023, Apple (AAPL - Free Report) reported revenue of $94.84 billion, down 2.5% over the same period last year. EPS came in at $1.52, compared to $1.52 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $93.32 billion, representing a surprise of +1.63%. The company delivered an EPS surprise of +5.56%, with the consensus EPS estimate being $1.44.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Apple performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Revenue- Wearables, Home and Accessories: $8.76 billion versus the nine-analyst average estimate of $8.66 billion.
- Revenue- iPhone: $51.33 billion versus $49.40 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +1.5% change.
- Net Sales- Services: $20.91 billion versus $20.86 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +5.5% change.
- Revenue- Mac: $7.17 billion versus the nine-analyst average estimate of $7.82 billion. The reported number represents a year-over-year change of -31.3%.
- Net Sales- Products: $73.93 billion compared to the $72.30 billion average estimate based on nine analysts. The reported number represents a change of -4.6% year over year.
- Revenue- iPad: $6.67 billion versus the nine-analyst average estimate of $6.72 billion. The reported number represents a year-over-year change of -12.8%.
- Gross margin- Services: $14.84 billion versus $14.80 billion estimated by six analysts on average.
- Gross margin- Products: $27.13 billion versus the six-analyst average estimate of $26.20 billion.
View all Key Company Metrics for Apple here>>>Shares of Apple have returned +2.3% over the past month versus the Zacks S&P 500 composite's -0.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.