Zacks Investment Research | Jul 25, 2019 07:12AM ET
Apple (NASDAQ:AAPL) is set to report third-quarter fiscal 2019 earnings on Jul 30.
Notably, the company beat the Zacks Consensus Estimate in the trailing four quarters, the average positive surprise being 4%.
Apple’s fortunes are tied to iPhone, which is by far its biggest revenue contributor. The device accounted for 53.5% of net sales in the last reported quarter, wherein sales declined 17.3% from the year-ago quarter to $31.05 billion.
For third-quarter fiscal 2019, revenues are projected between $52.5 billion and $54.5 billion. The Zacks Consensus Estimate for revenues is pegged at $53.31 billion, almost in line with the year-ago quarter’s reported figure.
Moreover, the consensus mark for earnings is currently pegged at $2.12 per share, unchanged over the past 30 days. The figure indicates a 9.4% decline from the figure reported in the year-ago quarter.
iPhone Sales Estimated to Decline in Q3
Apple’s iPhone sales are expected to remain subdued, due to lower upgrades, sluggish demand in Greater China, stiff competition from Chinese handset makers and the ongoing U.S.-China trade tussle.
Per a Bank of America Merrill Lynch (NYSE:BAC) report, Zacks Investment Research
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