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Apple ( AAPL ) is set to report its Q1 earnings after the closing bell on Feb. 2, and investors and analysts are scrambling to see how much of an impact China’s COVID-19 lockdowns have had on iPhone sales during the holiday season.

Here’s what analysts expect from the company, compiled by Bloomberg, compared to how Apple performed in the same quarter last year.

  • Income: Expected $121.1 billion vs. $123.9 billion in Q1 2022

  • Right. Earnings per share. Expected $1.94 vs $2.10 Q1 2022

  • iPhone revenue. $68.3 billion expected in Q1 2022 vs $71.6 billion in Q1 2022

  • Mac revenue. Expected $9.72 billion vs. $10.8 billion in Q1 2022

  • iPad revenue. Expected $7.7 billion, compared to $7.2 billion in the first quarter of 2022

  • Wearable accessories. Expected $15.3 billion vs. $14.7 billion in Q1 2022

  • Services: $20.4 billion versus $19.5 billion in the first quarter of 2022

Apple has outperformed most of its Big Tech peers over the past 12 months, with shares down just 16% as of midday Wednesday, compared with Microsoft ( MSFT ), which is off 18%, and parent Alphabet Google ( GOOG, GOOGL), which. is discounted by 25%. But it hasn’t been without its problems.

Throughout November and December, Apple faced significant backlash due to COVID lockdowns and worker protests at the Foxconn factory in Zhengzhou, China. The factory, which employs 200,000 workers, makes most of Apple’s iPhone 14 Pro and iPhone 14 Pro Max phones.

The iPhone 14 Pro and iPhone 14 Pro Max, which start at $999 and $1,099 respectively, are two of Apple’s flagship devices. Their steeper prices help raise the average selling price of the iPhone, providing higher revenues for the tech giant.

According to IDC’s Worldwide Quarterly Mobile Phone Tracker, Apple’s iPhone shipments fell 14.9% year over year from 85 million units in Q4 2021 to 72.3 million units in Q4 2022.

Apple CEO Tim Cook. (AP Photo/Jeff Chiu)

But it’s not just the iPhone that’s having trouble. During Apple’s Q4 earnings call, Apple’s CFO Luca Maestri said Apple expects a nearly 10 percentage point annualized negative impact from currency headwinds.

Furthermore, he said he expects Mac revenue to “decline significantly year over year. Meanwhile, services revenue is expected to grow, but also face currency headwinds.

According to UBS analyst David Vogt, Apple’s second quarter may also face difficulties.

“While we believe the market is quite cautious about December quarter results, we believe there is modest downside risk to the March forecast,” he wrote in a recent investor note. “While we do not expect a resumption of the detailed guidance typical of Apple’s pre-Covid earnings, we expect commentary to be cautious on overall product demand.”

Despite the possibility of slowing sales, Apple has still managed to avoid a major shutdown, unlike its peers including Microsoft, Google and Amazon ( AMZN ).

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