Wedbush analyst Daniel Ives expects Apple to report strong iPhone revenue when it issues its second-quarter earnings report on Thursday. Ives says that Chinese demand is fueling sales. Apple’s iPhone revenue is expected to be at least in line with expectations, according to Ives. He says that the company is benefiting from strong demand in China, which is its second-largest market.
Apple’s earnings report will be closely watched by investors. The company is the world’s most valuable company, and its earnings are a bellwether for the tech industry.
Consensus forecasts are for Apple to report $92.91 billion in revenue for the March quarter with $48.8 billion coming from iPhone sales, according to a FactSet poll of analysts’ estimates.
“We believe iPhone units… could show some upside despite the shaky macro as higher ASPs [average selling prices] and overall upgrade activity on iPhone Pro 14 carry the day,” Ives wrote in a research note on Monday.
Wedbush reiterated its Outperform rating and $205 target price on Apple stock… “We would expect relatively conservative June guidance as this is all about the drumroll to the main event with the anniversary iPhone 15 launch slated for the September timeframe,” Ives wrote.
MacDailyNews Note: As always, we’ll have Apple’s results on May 4th right around 1:30 p.m. PT / 4:30 p.m. ET. followed by live notes from Apple’s conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET.
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