“Technology giants in the S&P 500 are expected to turn in their worst earnings drop since the recession, dragged down by falling sales of the Apple iPhone,” Jed Graham reports for Investor’s Business Daily.

“Overall, S&P 500 earnings in the second quarter will fall 4.7% vs. a year earlier, the fourth straight quarterly decline, according to analyst estimates compiled by Thomson Reuters,” Graham reports. “Revenues are expected to dip 0.9%, the sixth straight quarterly slide.”

“Technology earnings are expected to decline 6% from a year earlier, worse than the 4% fall in Q1, according to Thomson Reuters. Tech revenue should slide 4.8%. But excluding Apple, tech profits should dip just 1%, with revenue off 2.5%.,” Graham reports. “Apple’s earnings per share are seen falling 24.9%, as revenue tumbles $7.6 billion from a year earlier to $42 billion. Apple revenue fell 13% in the prior quarter, the first drop in more than decade.”

Read more in the full article here.

MacDailyNews Take: We’ll see how close the analysts come to Apple’s actual Q316 results when Apple reports after market close on July 26th.

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