Apple Expected to Report Its Best Third Quarter Ever Today
Apple is set to report its earnings results for the third quarter of its 2018 fiscal year at 1:30 p.m. Pacific Time today.
The quarter began April 1, 2018 and ran through June 30, 2018, according to Apple's fiscal year accounting calendar.
Apple provided the following guidance for the quarter back on May 1:
- revenue of $51.5 billion to $53.5 billion
- gross margin between 38 and 38.5 percent
- op. ex. of $7.7 billion to $7.8 billion
- other income/expense of $400 million
- tax rate of approximately 14.5 percent
Apple's guidance suggests it will report its best third quarter results ever, by revenue, comfortably topping its 2015 record of $49.6 billion:
- 2014: $37.4 billion
- 2015: $49.6 billion
- 2016: $42.4 billion
- 2017: $45.4 billion
- 2018: $51.5+ billion
Wall Street analysts forecast that Apple will report $52.3 billion revenue, meeting roughly the midpoint of its guidance, and earnings per share of $2.18, according to 29 estimates averaged by Yahoo Finance.
Key Takeaways and What to Look For
- iPhone unit sales of around 41.7 million, according to a FactSet estimate.
- Apple doesn't break out iPhone sales on a model-by-model basis, but the iPhone's average selling price should reveal whether the iPhone X remains Apple's best selling iPhone model since it launched, or if sales have slowed. iPhone ASP was $728 last quarter. $606 in year-ago quarter.
- iPad unit sales should be boosted by the new sixth-generation 9.7-inch iPad, released March 27, just four days before the third quarter.
- Apple's guidance for its fourth quarter, which runs from July 1 through September 29, as new iPhones will likely be available to order during the final two weeks of the quarter. Analysts expect revenue of $59.5 billion, based on 29 estimates averaged by Yahoo Finance.
- Apple's comments on the trade war between the United States and China, and what impact it could have on Apple products, if any.
- Continued growth of Apple's Services category, including the App Store, Apple Music, iCloud, iTunes, Apple Pay, and AppleCare. Loup Ventures expects Services growth of 19 percent on a year-over-year basis.
- Continued growth of Apple's Other Products category, including the Apple Watch, Apple TV, HomePod, AirPods, Beats, iPod touch, and accessories, as Apple diversifies revenue beyond the iPhone.
Apple's CEO Tim Cook and CFO Luca Maestri will discuss the company's earnings results on a conference call at 2:00 p.m. Pacific Time today. MacRumors will loosely transcribe the one-hour call as it occurs live.
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