“Apple reports the results of its fiscal third quarter, the three months ended June 30, on July 26 after the markets close,” Aaron Pressman reports for Fortune. “Investors have low expectations, at least as measured by the average Wall Street analyst forecast. Expected revenue of $42.2 billion would reflect a 15% decline from last year, mainly due to a predicted 17% drop in the number of iPhones sold. Expected earnings per share of $1.40 is 24% less than a year ago.”

What to look for in Apple’s earnings report today:

• Did the lower-priced iPhone SE eat away at sales of more expensive models?
• Are service revenues still growing strongly?
• Will Tim Cook change his story again on the upgrade rate of current iPhone owners?
• Have Apple’s troubles in China gotten any worse?
• Are Macintosh and iPad sales getting better or worse?

Read more in the full article here.

MacDailyNews Notee: As always, we’ll bring your the results as soon as they are available (simply check our home page at 1:30pm PDT/4:30pm EDT today) and we plan to cover the conference call with live notes as usual. That link will appear on our home page around 1:45pm PDT/4:45pm EDT later today.

On April 26, 2016, Apple provided the following guidance for Q316:
– revenue between $41 billion and $43 billion
– gross margin between 37.5 percent and 38 percent
– operating expenses between $6 billion and $6.1 billion
– other income/(expense) of $300 million
– tax rate of 25.5 percent