- Apple will report its fiscal second-quarter earnings on Thursday, providing its first indication of how the coronavirus has impacted its business.
- Apple said in February that it did not expect to meet its second quarter revenue guidance because of the coronavirus.
- Analysts will likely ask about how the pandemic has impacted Apple’s reported plans to release a 5G iPhone in the fall.
- Visit Business Insider’s homepage for more stories.
Apple will report its fiscal-second quarter earnings after the market closes on Thursday, providing a first glimpse at how the coronavirus has impacted its business.
Apple said in February that it did not expect to meet its initial second-quarter revenue goal of between $63 billion and $67 billion because of weakened demand and supply constraints stemming from the pandemic. The company did not provide a new estimate, but Wall Street is expecting $54.24 billion in quarterly revenue.
Here’s a look at what analysts are expecting and how Apple performed in the year-ago quarter:
- Q2 revenue: Analysts estimate $54.24 billion; Year-ago quarter: $58 billion
- Q2 EPS: Analysts estimate $2.25; Year-ago quarter: $2.46
- Q3 revenue guidance: Analysts estimate $51.43 billion; Year-ago quarter: $53.8 billion
Some analysts are expecting to see strong performance from Apple’s services division considering people are spending more time at home. As such, consumers may be more willing to try Apple TV Plus.
“A lot of those revenues should be a little stickier, since some of them are subscription-based and shouldn’t be as discretionary, like a phone purchase for instance,” Robert Muller, enterprise hardware analyst for RBC Capital Markets, said to Business Insider.
Analysts will probably be looking for answers about how the virus will impact Apple’s reported plans to launch a 5G iPhone in the fall, as well as insight about how iPhone demand has been faring in general throughout the pandemic. Apple also just released the $400 iPhone SE on April 24, so analysts will likely be looking for comments about how reception has been so far heading into the June quarter.
This story is developing. Please refresh for the latest updates.
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