AAPL is expected to report first quarter earnings tonight after the close. There is a conference call scheduled for 17:00 (the company typically guides in the press release).

Q2 Capital IQ consensus calls for EPS of $2.67 (versus $2.10 last year) on revenue of $60.91 billion (+15% YoY). The current consensus is within the company's guidance range of $60-62 billion.   

Apple guided for Q2 gross margins of 38-38.5% and the Street is expecting gross margins to be near 38.5% versus 38.9% last year.

  • For the second quarter, the Street is expecting 52.0 million iPhones versus 50.8 million last year.
  • The company is expected to guide for third quarter revenues (Capital IQ consensus $51.5 billion). 

Finally, AAPL is expected to update its share repurchase program and dividend.


AAPL trades 16x EPS estimates; suppliers to watch include: SWKS, CRUS, AVGO, FNSR, QRVO, IIVI, LITE, FNSR

The options market is currently pricing in a move of ~5% in either direction by Friday expiration.