Analysts have reduced their 2003 per-share earnings forecast for Apple after the company's first quarter financial results - showing losses of $8 million on $1.47 billion revenues - were announced.

Despite this, the value of Apple shares climbed nineteen cents during trading yesterday.

Warburg Dillon Read maintained its buy rating on the stock, predicting earnings per share (EPS) of 9 cents for 2003. "We think the primary financial problem for Apple is the complete mismatch between expense and revenues over the last couple of years," the analyst said.

Kevin Hunt of Thomas Weisel Partners told CBS Marketwatch that, based on what was expected to be a soft quarter for personal-computer sales, Apple's overall performance was decent. "They were a little soft in the revenue, but I don't think that's too big a deal because the market was weak overall," he said.

Lehman Brothers hardware analyst Dan Niles believes Apple has a solid revenue outlook, especially in the current weak PC market.

Credit Suisse First Boston reduced its earnings per share estimate for Apple to 25 cents (down five cents), but maintained its Neutral rating on the stock. "We expect a flattish growth year," the analysts said.

"Apple needs a significant expansion in unit growth to drive operating returns," said Credit Suisse.

Needham & Co downgraded its assessment of Apple stock to Hold from Buy, reducing its EPS to 22 cents per share. The company believes its unlikely Apple will outperform until the December quarter.

Bank of America's EPS for Apple fell to 17 cents per share (from 23) on predicted $5.96 billion revenues for 2003.

Despite pressure from analysts during the financial call Wednesday, Anderson stuck to Apple's guns when questioned about the effectiveness of Apple's current strategy.

"We will not mortgage the future for the sake of short term quarterly gain," he told shareholders. "We are in position to make very significant market share growth when the downturn cycle ends," he stressed.