Apple Blames Rotten Holiday Quarter on Supply Chain, Economy

The iPhone and Mac fell short of projections in the period
CEO Cook sees signs of a rebound in China as economy reopens

Daniel Morgan, Synovus Trust senior portfolio manager, reviews Apple’s first-quarter results with Scarlet Fu, Katie Greifeld and Caroline Hyde. Apple’s revenue in the fiscal first quarter amounted to $117.2 billion, the company said in a statement, compared with Wall Street projections of about $121.1 billion.Source: Bloomberg

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By Mark Gurman

February 2, 2023 at 4:32 PM EST

Updated on

February 3, 2023 at 10:38 AM EST

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Apple Inc. shares rebounded Friday as investors looked past a disappointing quarter that was hurt by supply-chain snags, focusing instead on the tech giant’s longer-term prospects.

The stock jumped 4.2% to $157.22 in New York, shaking off a decline in early trading. Despite some of Apple’s worst holiday numbers in years, investors saw hopeful signs in the company’s latest results, including a jump in services revenue.

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