Apple missed earnings estimates for the first time in seven years or the last 28 quarterly earnings reports. Weighing on Apple earnings was a 5.5% year-over-year decline in sales led by a 29% decline in Mac sales and an 8% fall in iPhone sales. Earnings per share at Apple were $1.88 vs. $1.94, as expected. Despite the surprisingly poor earnings, Apple shares were up on the day. Investors are taking solace in Chief Executive Tim Cook's statement that weak sales are transitory. According to Cook, they were hampered by supply constraints due to China's various pandemic lockdowns late last year. Apple anticipates recapturing a portion of those lost sales and provided investors with positive forward guidance.