Apple's quarterly report exceeded expectations, iPhone revenue rose instead of falling

For the first time in four years, revenue declined year-over-year for two consecutive quarters, iPhone revenue was the highest in the second fiscal quarter, and service revenue reached another new high
Mac computer revenue down more than 31% year-over-year, weaker than expected, iPad revenue down nearly 13%, wearable devices down 0.7%
Apple authorizes $90 billion in stock buybacks and boosts dividend as expected, says AI features scattered across multiple Apple products However, Apple still has not given guidance for the next quarter's results.

Given the improved supply, investors are highly concerned about whether the shortage of high-end iPhone 14 Pro models in the fourth quarter of last year can be deferred to drive demand growth in the first quarter of this year. As one of the largest consumer electronics giants, Apple's earnings report is particularly important as it reflects shifting trends in consumer demand during a period of global hyperinflation and interest rate hikes, and even affects sales of the speculated new 15th anniversary iPhone 15.

In the bullish camp, JP Morgan analyst Samik Chatterjee believes that even if Apple's earnings outlook is weak, the company will be able to sell a large number of devices at high margins, in line with the market's preferred "safe-haven" positioning.
He acknowledges that Apple's post-earnings share price movement may be driven purely by next quarter's guidance, but the fact that the company's downside will be relatively limited in a tough macroeconomic environment is itself welcome by investors. If Apple predicts a year-over-year revenue decline of less than 5% for the next quarter, it could be seen as a "fundamental win" by shareholders.