Mixed Projections for Apple's Earnings

Apple is projected to report earnings of $1.50 per share for the current quarter, marking a -1.3% change from the same quarter last year. The earnings estimate for the current fiscal year is $6.54, indicating a year-over-year increase of +6.7%. For the next fiscal year, the earnings estimate is $7.11, reflecting a +8.6% change from the previous year.

The sales estimate for the current quarter is $89.79 billion, showing a year-over-year decrease of -5.3%. The sales estimates for the current and next fiscal years are $383.47 billion and $404.54 billion, indicating changes of +0.1% and +5.5%, respectively.

Morgan Stanley predicts that Apple will slightly exceed Q2 earnings and revenue estimates, due to better than expected product shipments and App Store performance. The firm anticipates Apple to report Q2 earnings of $1.51 per share and revenue of $91 billion.

Apple is expected to deliver a strong performance in the March quarter, although there may be slightly lower guidance for June. BofA Securities has reiterated its buy rating on Apple with a price objective of $225.

Morgan Stanley analyst Erik Woodring has maintained an Overweight rating on Apple Inc. He noted a similar earnings setup to 3 months ago, with a slight upside to March quarter revenue but a reasonably sizable June quarter guide-down vs. consensus. The June quarter buy-side is expected to report $78.5 billion – $81.5 billion of revenue and $1.20 – $1.25 of EPS.

Apple's stock price showed a +0.41% change from the previous trading day's closing. The stock has decreased by 4.23% over the last month. The company's earnings report is scheduled to be released on May 2, 2024. Analysts are predicting a year-over-year decline in earnings and a decrease in net sales from the year-ago period.