Apple’s Q324 earnings: Here’s what Wall Street expects
Wall Street consensus estimates call for Apple to report fiscal adjusted earnings of $1.34 per share, up 6.3% year over year, and revenue of $84.4 billion, up 3.2% YoY, according to analysts surveyed by FactSet. This versus Q323’s $1.26 per share on revenue of $81.8 billion.
iPhone revenue is expected to de down slightly (2.6%) to $38.6 billion. Mac sales are expected to surge 12% over last year.
Angela Palumbo for Barron’s:
Apple is expected to provide guidance for the current quarter on the earnings call. Analysts are looking for the company to forecast earnings of at least $1.55 a share on revenue of $93.36 billion.
Evercore ISI analyst Amit Daryanani wrote in a research note on Monday that “Apple looks well positioned to deliver a modest beat in the Jun-qtr and guide Sept-qtr inline to likely ahead of street expectations.” Daryanani rates the stock as Outperform with a $250 price target.
TD Cowen analyst Krish Snakar rates Apple shares Buy with a $250 price target. He expects results to be in-line with expectations…
BofA Securities analyst Wamsi Mohan, who rates the stock Buy with a $256 price target, wrote in a note on Monday that the June quarter results are “less relevant to the longer term opportunity.” Mohan said investors are mostly looking for what management has to say regarding coming AI-powered iPhones, revenue growth in China, and any commentary on market share in a competitive environment.
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MacDailyNews Take: Last month, Wedbush analyst Daniel Ives wrote in a note to clients, “Pent up demand around an AI driven supercycle beginning with iPhone 16 this Fall as 270 million iPhones have not upgraded their iPhone in over 4 years based on our estimates.” Ives has an “Outperform” (Buy) rating on Apple stock with a $275 price target.
MacDailyNews Note: Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30pm PDT / 4:00pm EDT. As always, we’ll have the results for you as soon as they are release. The company will hold a conference call with analysts thirty minutes later at 2:00pm PDT / 5:00pm EDT, which we’ll cover with live notes as usual.
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