Analysts aren't giving up on Apple despite the tech giant's near-term headwinds.
Sales for the holiday-quarter were also 5% lower over last year, representing the company's first year-over-year decline since 2019.
"Despite near-term macro and supply headwinds, the Apple flywheel keeps spinning," said Morgan Stanley's Erik Woodring, who retained his price target and overweight rating.
AAPL 5D mountain Apple falls after disappointing earnings But Apple isn't out of the macro woods just yet, according to some analysts.
"On the other, numbers are being reset, and investors may begin to look forward to a better 2024, akin to 2019, when Apple last saw revenues decline."