Shares of Apple (NASDAQ:AAPL) fell in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $1.26, which beat analysts’ consensus estimate of $1.20 per share. Sales decreased by 1.4% year-over-year, with revenue hitting $81.8 billion. This was in line with analyst expectations.
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The iPhone generated $39.7 billion in sales, while iPad and Services revenues contributed $5.8B and $21.2B, respectively. CEO Tim Cook highlighted a milestone as the company closed the period with over a billion subscriptions. Additionally, the Wearable, Home, and Accessories segment saw growth, recording revenues of $8.28B, a slight increase from $8.08B during the same quarter last year.
Overall, Wall Street has a consensus price target of $203.64 on AAPL stock, implying 6.52% upside potential, as indicated by the graphic above.
