Apple will report their fiscal 2021 third quarter (Q321) earnings results on Tuesday, July 27, 2021 right after market close. The analysts’ consensus expectations are growing stronger in recent days, but is still seen as too conservative by Wedbush analyst Daniel Ives.
Next Tuesday, July 27th after the bell Apple reports its FY3Q results which we expect will be another beat across the board.
The Street is looking for $73 billion and $1.00 of earnings, both of which look likely conservative given the underlying iPhone strength we saw during the quarter with a particular uptick in demand out of China. While the chip shortage was an overhang for Apple during the quarter, we believe the iPhone and Services strength in the quarter neutralized any short term weakness that the Street was anticipating three months ago.
Taking a step back we believe based on our recent Asia supply chain checks that iPhone 13 demand will be similar/slightly stronger than iPhone 12 out of the gates which speaks to our thesis that this elongated “supercycle” will continue for Cupertino well into 2022.
MacDailyNews Note: As always, we will have the results for you as soon as they are released, right around 1:30pm PDT / 4:30pm EDT. Just check our homepage on that date at that time.
The company will also conduct a conference call with analysts to discuss third fiscal quarter results is scheduled for Tuesday, July 27, 2021 at 2:00pm PDT / 5:00pm EDT. We will also cover the Apple Q321 conference call with live notes. Visit check our homepage on that date around 1:45 pm PDT / 4:45 pm EDT for the link.