Apple will announce its fiscal second quarter 2024 financial results on May 2, and analysts aren’t exactly preparing to be dazzled.
Analysts will be comparing the Q2 2024 earnings figures to the year-ago quarter fiscal Q2 2023. During Q2 2023, Apple reported revenue of $94.8 billion and a net quarterly profit of $24.1 billion ($1.52 per diluted share).
During Q2 2023 Apple saw iPhone sales totaling $51.3 billion, the iPad saw sales totaling $6.7 billion, and Mac earnings were $7.2 billion. Wearables, Home, and Accessories earned $8.76 billion, and Services brought in $20.9 billion.
As shared by AppleInsider, Yahoo Finance’s consensus of 24 Wall Street analysts sees Apple’s income to be an expected average of $84.4 billion ($82.32 billion on the low end and $86.15 billion at the high end) for a year-on-year sales reduction of 5.1%.
The earnings per share range estimates are between $1.32 and $1.45 for an average of $1.41.
JP Morgan expects Apple to report $89.1 billion in revenue, slightly below its own expectations of $90.3 billion. Gross margin is expected to beat consensus at 46.8%, with an EPS of $1.49. Q3 results are expected to be a “more significant miss to revenues.”
In an April 30 note, Wedbush forecasts Apple to report $94.8 billion in revenue, with an EPS of $1.52. Due to softer iPhone sales in China, revenue is anticipated to “decline modestly” year-on-year.
There is good news in that Wedbush believes pent-up iPhone demand and an AI-driven iPhone 16 will help Apple grow in China in late 2024.
Wedbush says services will remain strong for Apple, showing continued strength and growth in the period. Wedbush expects to see Apple use more generative AI in iPhone 16, starting a “new frontier of growth” for the company.
Apple will announce its fiscal 2024 second-quarter results on May 2 in a press release around 4:30 p.m., followed by Apple CEO Tim Cook’s and CFO Luca Maestri’s conference call with analysts and journalists.