Apple Inc (NASDAQ:AAPL) stock rose 3.45% (As on February 3, 11:05:42 AM UTC-4, Source: Google Finance) after the company forecast that revenue would fall for a second quarter in a row but that iPhone sales were likely to improve as production had returned to normal in China after COVID-related shutdowns. During its fiscal first quarter ended Dec. 31, Apple faced a wave of challenges that left Wall Street expecting lower sales. Chief among those were supply chain pressures when COVID lockdowns at a production facility in Zhengzhou, China, slowed production of iPhone 14 Pro and Pro Max devices, both premium priced models that would traditionally help drive Apple’s margins higher.

AAPL in the first quarter of FY 23 has reported the adjusted earnings per share of $1.88, missing the analysts’ estimates for the adjusted earnings per share of $1.94, according to IBES data from Refinitiv. The company had reported 5 percent decline in the adjusted revenue growth to $117.2 billion in the first quarter of FY 23, missing the analysts’ estimates for revenue of $121.2 billion. Products revenue was $96.4 billion, down 8%.

Moreover, for iPhone, revenue came in at $65.8 billion for the quarter, down 8% year-over-year. However, on a constant currency basis, iPhone revenue was roughly flat. The customers continue to rave about the astounding camera capabilities and unprecedented battery life and the groundbreaking suite of health and safety features. The iPhone 14 lineup pushes the limits of what users can do with a smartphone. During the quarter, Mac revenue came in at $7.7 billion, the company had the extremely successful launch of the redesigned M1 MacBook Pros. Just last month, the company had introduced new MacBook Pro models, powered by the latest developments in Apple silicon, M2 Pro and M2 Max. These chips enable unprecedented performance and do so with less energy, which is not only good for the environment, but gives the newest MacBook Pro, the longest battery life ever in a Mac. The company also introduced the M2-powered Mac mini, which was supercharged productivity for users of all kinds and lead them stunned by just how powerful a Mac mini can be. During the quarter, iPad revenue grew 30% to a total of $9.4 billion. Revenue for Wearables, Home and Accessories was $13.5 billion, which was down 8% year-over-year.