What Happened: Responding to a question on the call, Cook said “The [PC] industry is contracting.”

“​​I don't know how this year will play out, so I don't want to predict the year. But over the long run, we have a market that is a reasonable-sized market, a big market.”

The Apple CEO said the company had a “low share” but a “competitive advantage with Apple silicon.”

“Strategically, I think we're well positioned in the market, albeit I think it will be a little rough in the short term,” said Cook.

See Also: Everything You Need To Know About Apple Stock 

Why It Matters: During the quarter, Mac revenue was registered at $7.7 billion, in line with expectations, said Cook.

For the quarter that ended December 2022, Mac revenue came in at $7.735 billion compared with $10.85 billion in the quarter that ended December 2021.

“We had a difficult compare because this time last year, we had the extremely successful launch of the redesigned M1 MacBook Pros,” he said.

“We remain confident in and focused on the long-term opportunity for Mac,” added the Apple CEO. 

Earnings per share during the first quarter were reported at $1.88 missing the Street estimate of $1.94, according to Benzinga data. 

Price Action: On Friday morning, Apple shares were up 2.57% to $154.70 in the after-hours trading.

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