Apple boosted by iPhone 7 demand

“Apple Inc.’s fourth-quarter results were bolstered by robust early demand for the iPhone 7, analysts predicted,” Alex Webb reports for Bloomberg. “After releasing a new version of its bestselling device in September, Apple likely sold 45 million units of all types of iPhones in the most-recent fiscal quarter ending Sept. 24, according to Wall Street estimates. Revenue probably slipped for a third straight quarter, by 9 percent, though that’s smaller than the 15 percent decline in the preceding period, forecasts indicate.”

“Unlike previous smartphone rollouts, Apple didn’t publish first-weekend sales data after the iPhone 7’s Sept. 16 release,” Webb reports. “That means the company’s fiscal fourth-quarter results, due after the market closes on Tuesday, will give the first major clues on how consumers responded to the new device.”

“Apple will likely guide that ‘iPhone 7 is off to a good start, but supply remains constrained,’ Piper Jaffray analyst Gene Munster wrote in a note to investors on Sunday,” Webb reports. “He rates Apple shares overweight, or buy.”

Read more in the full article here.

MacDailyNews Note: Apple will announce Q416 results that day after market close, typically right around 1:30pm PDT / 4:30pm EDT. As always, we’ll bring your the results as soon as they are available (simply check our home page at 4:30pm EDT on October 25th).

The company’s conference call to discuss Q416 results is scheduled a half an hour later, at 2pm PDT / 5pm EDT today. We plan to cover the conference call with live notes as usual. That link will appear on our home page around 4:45pm EDT today.

Previewing Apple’s Q416 earnings – October 24, 2016
Apple Q4 earnings, due October 25th, expected to reveal first annual revenue decline since 2001 – October 24, 2016
Apple to release Q416 earnings, webcast live conference call on October 25th – October 21, 2016

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