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Is Apple (AAPL) a Buy Heading into Fiscal Q1 Earnings Announcement?
Tech heavyweight Apple (AAPL - Free Report) is set to report quarterly results on Thursday after the bell. Apple, a Zacks Rank #3 (Hold), boasts a stellar track record of exceeding earnings estimates. As AAPL stock hovers near all-time highs, is the iPhone maker a buy heading into earnings?
Analysts are expecting AAPL to deliver quarterly earnings of $2.09 per share, which would reflect growth of 11.17% relative to the same quarter in the prior year. Revenues of $117.6 billion would mark a 0.4% improvement versus the year-ago period. Apple has beaten earnings estimates in three of the past four quarters, sporting a 3.47% average earnings surprise over that timeframe.
Apple’s business contains a Services portfolio that has steadily grown over time, including popular services like Apple Pay and AppleCare that have become a major cash cow. The company also recently launched the mixed reality Vision Pro headset.
Our proprietary Zacks Earnings ESP is predicting another earnings beat for the upcoming announcement.