“When Apple reports its first-quarter results today after the market closes, it will likely report its highest ever quarterly sales (analysts are forecasting $76.6 billion) and profit (an expected $18 billion),” Dan Frommer writes for Quartz.
“Investors will immediately skip past these figures for a more important number: Apple’s revenue projection for the current March quarter,” Frommer writes. “After an amazing period of growth, Apple is now expected to forecast its first year-over-year sales decline in 13 years. Back then, in the March 2003 quarter, just as the iPod was starting to fuel the company’s incredible rise, Apple revenue fell 1% year over year to $1.5 billion. Now, Apple does roughly $1.5 billion in sales every two and a half days.”
“Wall Street has recently been tempering its expectations. Analysts now, on average, expect Apple to forecast $55.6 billion in second-quarter revenue, according to FactSet. That would represent a roughly 4% year-over-year decrease,” Frommer writes. “Modest growth is expected to return later in the year as the iPhone 7 launches. Overall, Wall Street is projecting $237 billion in revenue for Apple’s fiscal 2016, which ends in September. That would represent roughly 1% year-over-year growth for the full year, a sharp deceleration from 2015, when Apple’s sales grew 26%.”
Read more in the full article here.
MacDailyNews Take: With Wall Street, it isn’t “what have you done for me lately,” it’s “what are going to do for me next?
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