Apple (AAPL) will report second quarter earnings tonight after the close. There is a conference call scheduled for 17:00 ET. 

Q2 Capital IQ consensus calls for EPS of $2.36 (-13% yr/yr) on revenue of $57.4 bln (-6% yr/yr). 

The current consensus is within the company's Q2 guidance range of $55-59 bln. The Street is expecting Q2 iPhone revenue to fall 18% yr/yr to $31 bln.

AAPL no longer provides unit sales for iPhones, iPads, or Macs.

Investors will also be looking for any color on the Qualcomm (QCOM) settlement


AAPL has a $966 billion valuation and trades at 18x FY19 EPS estimates.

Based on the AAPL May03 $201 straddle, the options market is currently pricing in a move of ~5% in either direction by weekly expiration (Friday).

Look for resistance near the $216-217 area, while support sits near the $189-190.

Suppliers to keep on note include: SSNLF, LPL (for displays) and LITE, FNSR and IIVI (for FaceID.) Other suppliers include: SWKS, CRUS, AVGO, QRVO, TSM, and QCOM, among others. (SMH)


Apple beats by $0.10, beats on revs; in-line iPhone and service revenue; guides Q3 revs above consensus; raises dividend 5% to $0.77/share; adds $75 bln to buyback plan  

Apple reports Q2 services gross margin of 63.8% vs 60% ests  

  • Reports Q2 (Mar) earnings of $2.46 per share, $0.10 better than the S&P Capital IQ Consensus of $2.36; revenues fell 5.1% year/year to $58.02 bln vs the $57.4 bln S&P Capital IQ Consensus. Gross m,argin 37.6% vs. 37-38% guidance, in-line with estimates.

  • iPhone rev -17% to $31.05 bln vs. $31 bln ests

  • Service rev +16% to $11.45 bln vs. $11.4 bln ests

  • Wearables, Home and Accessories +30% to $5.13 bln

  • iPad +22% to $4.87 bln

  • Co issues upside guidance for Q3, sees Q3 revs of $52.5-54.5 bln vs. $52.09 bln S&P Capital IQ Consensus; gross margin 37-38% vs. 37.9% ests

  • "Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record," said Tim Cook, Apple's CEO. "We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We're looking forward to sharing more with developers and customers at Apple's 30th annual Worldwide Developers Conference in June." 

  • "Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases. We are also raising our quarterly dividend for the seventh time in less than seven years." Reflecting the approved increase, Apple's board of directors has declared a cash dividend of $0.77 per share of the Company's common stock, an increase of 5 percent.


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