Apple Earnings Review: Not Too Ugly Under The Hood

Feb. 03, 2023 10:00 AM ETApple Inc. (AAPL)15 Comments


  • Apple's miss on revenues and EPS in fiscal Q1 was a first in the past 20 quarters, if not longer.
  • But under the hood, the fundamentals of the business look strong. FX masked growth across the board, while margins look very good.
  • I feel good holding Apple stock at current levels for an implied 21% upside to all-time highs.
  • Looking for a helping hand in the market? Members of EPB Macro Research get exclusive ideas and guidance to navigate any climate. Learn More »

Apple Faces Shortages In iPhone Supplies Amid Turmoil In China

Scott Olson

Apple Inc. (NASDAQ:AAPL) reported earnings on February 2, and the headline numbers must have scared many investors. The top- and bottom-line miss was rare: something like it had not happened in the previous 20 quarters

PApple's fiscal Q1 2023 charts: revenue growth by segmenticture1

DM Martins Research

DM Martins Research

Apple's Fiscal Q2 Table: Guidance vs. Consensus

Data by YCharts

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This article was written by

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Tracking Economic Inflection Points To Guide Your Asset Allocation Strategy

Daniel Martins is a Napa, California-based analyst and founder of independent research firm DM Martins Research. The firm's work is centered around building more efficient, easily replicable portfolios that are properly risk-balanced for growth with less downside risk.

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Daniel is the founder and portfolio manager at DM Martins Capital Management LLC. He is a former equity research professional at FBR Capital Markets and Telsey Advisory in New York City and finance analyst at macro hedge fund Bridgewater Associates, where he developed most of his investment management skills earlier in his career. Daniel is also an equity research instructor for Wall Street Prep.

He holds an MBA in Financial Instruments and Markets from New York University's Stern School of Business.

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On Seeking Alpha, DM Martins Research partners with EPB Macro Research, and has collaborated with Risk Research, Inc.

DM Martins Research also manages a small team of writers and editors who publish content on several channels, including Apple Maven ( and Wall Street Memes (

Disclosure: I/we have a beneficial long position in the shares of AAPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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