Apple is scheduled to report fiscal first-quarter 2021 (calender Q420) earnings next Wednesday, and expectations are running high that the company will report its first $100 billion quarter ever.
The iPhone 12 includes 5G technology throughout the lineup, and various data points continue to suggest that the newest iPhones are selling extremely well.
The current consensus estimate calls for the Cupertino tech giant to generate $102.6 billion in revenue, well above Apple’s current record for quarterly revenue of $91.8 billion, set in the fourth quarter of 2019.
Earlier this week, Morgan Stanley boosted its price target on Apple from $144 to $152, while maintaining an overweight (equivalent to buy) rating on the stock. Analyst Katy Huberty is particularly optimistic heading into the earnings release… Huberty is modeling for revenue of $108.2 billion, about 5% higher than the consensus estimate. The iPhone 12 has been the company’s “most successful product launch in the last five years,” according to Huberty.
MacDailyNews Take: Because of the iPhone 12, and its strong mix that favors higher-priced Pro models, iPhone ASPs will be high, helping to push Apple over the $100 billion quarterly mark for the very first time.
As always, we will bring you Apple’s earnings results as soon as they are made available – just check our home page right around 4:30pm EDT on January 27th. We’ll also cover Apple’s conference call with live notes, as usual. That link will appear on our home page around 4:45pm EDT that same day.