Apple is set to report Q420 earnings on October 29th. Apple posted record financial results in its most recent quarter, fiscal Q320, as the company benefitted from the global COVID-19 pandemic as demand for many of its products surged amid the growth of remote-education and the work-from-home economy.
The company’s fiscal year ended in September. Analysts expect year-over-year (YOY) declines in both earnings per share (EPS) and revenue, marking the first drops since fiscal 2019.
The stock jumped after the company posted record quarterly results that beat analysts’ expectations in Q3 FY 2020.5 EPS rose a robust 18.4% YOY, the second-fastest pace of growth in the past seven quarters. Revenue grew 10.9%, marking the fastest pace since Q4 FY 2018.
Analysts are currently forecasting a slump in revenue and earnings in Q4 FY 2020. EPS is expected to decline 9.3% YOY, the largest drop since Q2 FY 2019. Revenue is expected to fall 1.1%, the first decline since Q2 FY 2019. For full-year 2020, analysts expect EPS and revenue to rise 8.5% and 4.9%, respectively, an improvement from the annual declines posted for both numbers in FY 2019.
MacDailyNews Take: The analysts’ consensus estimates for Apple’s fiscal Q420 earnings are for $0.71 EPS (vs. Q419’s 0.76) and $64.16 billion in revenue (vs. Q419’s $64.04 billion). We’ll know for sure, and we’ll bring the the results immediately, right around 4:30pm EDT on Thursday, October 29th.