Apple Inc. is to announce its first quarter financial results on Thursday, February 2. To discuss first fiscal quarter results and business updates, Apple’s conference call is scheduled for Thursday, February 2, 2023 at 2:00 p.m. PT / 5:00 p.m. ET. More than the revenue and earnings numbers, the management guidance for the next quarter will be keenly watched by the investors and analysts.
The US Fed’s FOMC meeting is being held on January 31- February 1. The rate hike decision by the Fed will be announced on February 1 at at 2:00 PM ET.
Before the Q1 FY23 results, the stock price of Apple is around $144 and the share is down by almost 17.36% year-on-year. However, 2023 has been a good start for the Apple as the stock has gained about 11% in January.
Recently, big tech companies have experienced widespread layoffs. However, by keeping its workforce mostly intact, iPhone manufacturer Apple is not going the competitors way. With the exception of Apple, major tech companies like Microsoft, Google, and Amazon have reduced their workforces in reaction to the sluggish economy.
Also Read: US Fed Rate Hike – Meeting date, timings and latest update for investors
On October 27, 2022, Apple had announced financial results for its fiscal 2022 fourth quarter ending September 24, 2022. The Company posted a September quarter record revenue of $90.1 billion, up 8 percent year over year, and quarterly earnings per diluted share of $1.29, up 4 percent year over year. Annual revenue for the company was $394.3 billion, up 8 percent year over year, and annual earnings per diluted share were $6.11, up 9 percent year over year.
Apple will host the 2023 Annual Meeting of Shareholders on March 10, 2023 at 9:00 am P.T. in a virtual format. The record date for the meeting was January 9, 2023.
Also Read: Amazon, Apple, Alphabet and Meta to report earnings this week – What to expect
With numerous large-cap tech earnings and the Federal Reserve meeting, which will result in an interest rate decision on Wednesday, this will be a busy week for investors. Along with Apple some other top US stocks to annouce their earnings today are Amazon, Alphabet, Starbucks, Ford, Qualcomm, Microchip Technology, Columbia Sportswear Company, GoPro, Skechers U.S.A., Clorox, and US Steel.
Nasdaq Composite is up 11% while the S&P 500 has rallied over 6% year-to-date.
The company generated over $24 billion in operating cash flow, and returned over $29 billion (buy-back) to the shareholders during the quarter. The previous quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.