Can Apple begin to turn around this so far no good year?
With Apple stock down about 11 percent, this has so far been a year of bad news after bad news for Apple investors. Now, the company is set to report fiscal second-quarter earnings after Thursday’s market close.
Eric J. Savitz for Barron’s:
For the March quarter, analysts tracked by FactSet expect Apple to post revenue of $90.5 billion, down 4.5% from the year-ago quarter. That’s a reversal from 2.1% year-over-year growth in the December 2023 quarter, and would mark the fifth down quarter out of the last six, and the biggest decline since the 5.5% slide in the December 2022 quarter. Analysts expect $1.51 in earnings per share, down a penny from a year earlier.
Wall Street consensus estimates as tracked by FactSet call for iPhone revenue to fall 9.8% from a year ago to $46.3 billion, pressured in part by weak demand in China, where the company is losing market share to Huawei and other local competitors.
The Street is expecting $6.9 billion in iPad revenue for the quarter, down 11%… Mac sales are projected to fall 4.5%, to $6.8 billion. The consensus view on the wearables, home, and accessories segment calls for revenue of $7.9 billion, down 11%. Services should be the only growth area this quarter, with projected revenue of $23.1 billion, up 10.6%.
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MacDailyNews Note: Apple’s Q2 report is traditionally when Cupertino provides its annual update to its capital allocation policy. Expect Apple to announce boosts to both its dividend and its stock repurchase (buybacks) program after market close today.
We’ll have Apple’s results as soon as they are available right around 1:30pm PDT / 4:30pm EDT – just check our home page: https://macdailynews.com.
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