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Apple Forecasted to Report First Full-Year Revenue Decline Since 2001

Apple will report its fiscal fourth quarter earnings results later today, and both the company and analysts project a year-over-year decline in iPhone sales and overall revenue for a third consecutive quarter. Apple will then have posted its first full-year revenue decline since 2001, with the decline expected to continue through the holiday quarter. Wall Street projects Apple will return to growth in 2017. Apple previously forecasted September quarter revenue of between $45.5 billion and $47.5 billion, which would be up to 12 percent lower than the $51.5 billion in revenue it posted in the year-ago quarter. The consensus among analysts is around $47 billion in revenue, at the higher end of Apple's guidance, according to earnings estimates aggregated by Philip Elmer-DeWitt and Jim Edwards. Apple analyst Neil Cybart of Above Avalon has forecasted declining sales across Apple's entire core product lineup, including 43.7 million iPhones, 9.1 million iPads, 5 million Macs, and 1.9 million Apple Watch units. One continued bright spot for Apple is expected to be its services category, projected to rise 20% to $6.1 billion on the strength of the App Store, Apple Music, iCloud, and AppleCare. Apple analyst Brian White of Drexel Hamilton continues to recommend AAPL stock to investors, noting that shares remain undervalued. His price targets remains $185, or nearly 57% higher than Apple's $117.86 price at the time this article was published. White believes Apple's "sales, profit and iPhone cycle have bottomed" and that iPhone 8 sales can drive another year of growth.

Apple Will Not Release First Weekend Sales Numbers for iPhone 7 Due to Demand Outweighing Supply

Apple, in a statement provided to CNBC, has announced that it will not be releasing first weekend sales numbers for the iPhone 7 and iPhone 7 Plus, as it feels the results are "no longer a representative metric" due to demand outweighing supply.“We expect iPhone 7 and iPhone 7 Plus will be incredibly popular with customers and we are thrilled to begin taking pre-orders on September 9. Customers will receive their new iPhones starting September 16. In years past, we’ve announced how many new iPhones had been sold as of the first weekend following launch. But as we have expanded our distribution through carriers and resellers to hundreds of thousands of locations around the world, we are now at a point where we know before taking the first customer pre-order that we will sell out of iPhone 7. These initial sales will be governed by supply, not demand, and we have decided that it is no longer a representative metric for our investors and customers. Therefore we won’t be releasing a first-weekend number any longer. We are reiterating the financial guidance for the September quarter that we provided on July 26.”In a research note last week, KGI Securities analyst Ming-Chi Kuo said mass production of the iPhone 7 and iPhone 7 Plus did not begin until the second half of August, later than expected, as Apple's supply chain faced issues ramping up production due to challenging requirements for IPX7 water resistance. The statement has ignited concern among some investors about potentially weaker iPhone sales numbers. Kuo himself revised his iPhone 7 and iPhone 7 Plus

Apple CEO Tim Cook Sells Another $28.7 Million in Stock

Apple CEO Tim Cook this week sold another $28.7 million worth of Apple stock, according to documents filed with the SEC. Cook sold 269,993 shares at prices ranging from $105.95 to $107.37, netting himself a total of $28,703,590. Combined with the 334,000 shares he sold last week for nearly $36 million, Cook has liquidated approximately $65 million in stock over the course of the last few days. Cook last week received combined stock bonuses of 1,260,000, worth more than $100 million, as he reached his five-year anniversary as the CEO of Apple. Following the sale this week, Cook continues to hold more than 1 million shares of Apple stock worth an estimated $110 million. Apple's senior vice president of hardware engineering Dan Riccio also sold 49,996 shares of Apple stock this week, earning more than $5

Apple Expects Appeal of Irish Tax Ruling to Take 'Several Years' With No Impact on Near-Term Financial Results

Following the European Commission's ruling that Apple received illegal state aid from Ireland, and must pay $14.5 billion in back taxes to the country, the company has published a new FAQ that addresses potential concerns investors may have about the decision and the effect on its bottom line. Apple started out by confirming the decision is not final and that it plans to appeal. The company is "confident" the ruling "will be overturned" by courts in the European Union, but it notes the process is "likely to take several years." In the meantime, Apple does not expect any near-term impact on its financial results.How does this decision impact Apple’s near-term financial results? Will you take a tax charge? Does this alter your previous guidance? We do not expect any near-term impact on our financial results nor a restatement of previous results from this decision. We have previously accrued U.S. taxes related to the income in question. The tax rate guidance for Apple’s fourth fiscal quarter that we provided on July 26, 2016 does not change as a result of this decision.Apple added that it does not currently expect the decision to have an impact on its tax rate or cash balance going forward, but the company anticipates it will place an unspecified amount of cash in an escrow account. Apple expects the amount will be reported as restricted cash on its balance sheet. The European Commission's ruling followed a three-year inquiry into Apple's tax arrangements in Ireland, where it paid between 0.005% and 1% in taxes from 2003 through 2014, compared to the country's

Tim Cook Reaches Five Years as Apple CEO, Unlocks Over $100 Million in Bonuses

Today marks the fifth anniversary since Tim Cook was named Apple CEO on August 24, 2011, the same day that late co-founder Steve Jobs stepped down as chief executive for the final time and recommended the board of directors appoint Cook as his permanent successor. Upon reaching the five-year mark, Cook has today unlocked previously awarded stock bonuses currently worth over $100 million. The bonuses are tied to both his tenure and Apple's performance under his leadership, including its total shareholder return relative to the S&P 500 index. Cook's bonus includes 700,000 tenure-based restricted stock units that vested today as part of a larger compensation package of over 4.7 million shares awarded on August 24, 2011, in addition to his first of six annual installments of 280,000 tenure-based restricted stock units that vested today. The combined 980,000 shares are valued at nearly $106.7 million based on AAPL's closing price of $108.85 on Tuesday. Cook's bonus could be even higher if Apple's total shareholder return is in the middle third or top third relative to other companies in the S&P 500 from August 25, 2013 through August 24, 2016. He will receive another 140,000 RSUs for middle third performance, or 280,000 RSUs for top third performance. AAPL has risen around 52% since August 25, 2013, while the S&P 500 has risen around 32% in the same time period, making at least a middle third finish a strong possibility. A restricted stock unit, or RSU, is a form of compensation valued in terms of company stock, but the stock is not issued at the time of the grant.

Apple's Chairman and Top Lawyer Cash in Combined $10M in Stock Bonuses

Apple chairman Arthur D. Levinson and general counsel Bruce Sewell recently sold approximately $7.6 million and $2.5 million worth of company shares respectively, according to SEC documents filed electronically this week. Levinson sold 70,000 shares of common stock on August 9 for an average price of $108.68, while Sewell disposed of 23,305 shares for an average price of $107.49 on August 5. The combined return was slightly over $10 million. Levinson, CEO of biotech company Calico, a subsidiary of Google parent Alphabet, has served as chairman of Apple's board of directors since November 2011. The former Genentech executive has served on the board since 2000, with CEO Tim Cook praising his "enormous contributions to Apple" and "incredibly valuable" insight and leadership. Sewell has served as Apple's general counsel, or chief lawyer in layman's terms, since September 2009. He oversees all company-related legal matters, including corporate governance, intellectual property, litigation and securities compliance, global security, and privacy, including a recent high-profile court battle with the FBI related to the intersection of national security and smartphone encryption. Apple's senior executives and directors are commonly awarded generous stock bonuses based on performance and tenure. Last August, Cook and services chief Eddy Cue received 560,000 and 350,000 restricted stock units respectively, worth a combined $93.8 million at the time. Later in the year, Apple's recently promoted hardware chief Johny Srouji was awarded nearly $10 million in restricted stock

Apple Forecasts Third Consecutive Revenue Decline Next Quarter

Apple today reported a negative-growth June quarter in iPhone sales and revenue, and its guidance for the fourth quarter of the 2016 fiscal year suggests that the downward trend is likely to continue through summer. Apple expects fourth quarter revenue of between $45.5 billion and $47.5 billion, which would be up to 12 percent lower than the $51.5 billion in revenue it posted in the year-ago July-September quarter. In the fourth quarter, the company also expects a gross margin between 37.5 percent and 38 percent, operating expenses between $6.05 billion and $6.15 billion, other income/expenses of $350 million, and a tax rate of 25.5

What to Expect From Apple's Third Quarter Earnings Results Today

Apple today will release its fiscal third quarter earnings results, reflecting a three-month period that ended in late June, and the consensus among analysts is that the company will report a second consecutive decline in iPhone sales and overall revenue. That same scenario played out last quarter for the first time since 2003. In fact, some analysts have forecasted that iPhone sales may be as low as 38 million to 40 million units, a decline of up to 20 percent compared to the year-ago quarter. If the estimates prove to be accurate, it would mark Apple's worst quarter of iPhone growth ever in the smartphone's nine-year history. Apple itself provided guidance of between $41 billion and $43 billion in revenue, which would be up to 18 percent lower than the $49.6 billion in revenue it posted in the year-ago quarter. Wall Street expects revenue to be around the $42.1 billion mark, with earnings of $1.39 a share -- one analyst has EPS as low as $1.35. iPhone accounts for around two-thirds of Apple's revenue, and an even greater portion of its profits, so the device's recent slide is concerning for investors -- reflected in the price of Apple shares, down around 21 percent from a 52-week high of $123.91. The good news for Apple is that many analysts believe it will "bottom out" in the June quarter and return to iPhone and revenue growth by the 2017 fiscal year. But, until then, the bleeding is expected to continue. iPad sales are forecasted to decline for a tenth consecutive quarter, while market research firm IDC's estimated Apple Watch sales of 1.6 million in

Apple Stock Forecasted to Rise as Lifetime iPhone Sales Reach 1 Billion

Apple will report its fiscal third quarter earnings results tomorrow, and both the company and analysts project a year-over-year decline in iPhone sales and overall revenue for a second consecutive quarter. Apple expects third quarter revenue of between $41 billion and $43 billion, which would be up to 18 percent lower than the $49.6 billion in revenue it posted in the year-ago quarter. The consensus among analysts is around $42.1 billion in revenue, which is essentially the midpoint of Apple's guidance. Analysts estimate that Apple sold at least another 40 million iPhones during the June quarter, raising lifetime sales of the smartphone to some 987 million. Applying that sales rate to July -- just over 13 million iPhones per month -- it is likely that Apple will have sold its billionth iPhone between now and the end of this month. The milestone comes at a time when iPhone sales are on the decline for the first time since the smartphone launched in 2007, an arguably inevitable lull following the smash-hit success of the larger-screened iPhone 6 series. The decline has affected Apple shares, which are down around 21 percent from a 52-week high of $123.91. Nevertheless, many Wall Street firms expect iPhone growth to resume in 2017. The good news could extend to Apple's stock, as The Wall Street Journal yesterday reported that its "shares have been punished more than enough" and are due for a rally. It said the decline in iPhone sales "appears priced in."Still, Apple has been punished more than enough. The iPhone slump appears priced in. And while the next

Apple Stock Rises Above $100 Per Share For First Time in Six Weeks

Apple shares rose above $100 in intraday trading today for the first time since June 6, just weeks after the stock hit its latest bottom around the $92 mark. AAPL is up over 1 percent on the day at the time of publishing, contributing to a slight rise in the Dow Jones stock index on the day. ALERT: Apple shares just rose above $100 per share for the first time since June 6 https://t.co/C9RCFmaq9f pic.twitter.com/onOEOnJZqU— CNBC Now (@CNBCnow) July 18, 2016 Beyond a short-lived rebound in March and April, Apple shares had steadily declined since the second half of 2015. Some investors have expressed concerns over Apple's recent slowdown, including its first quarterly revenue drop since 2003 and first-ever drop in iPhone sales last quarter. AAPL is still trading for markedly lower than its year-ago price of around $132, but some analysts believe the stock is undervalued and due for a breakout. A few weeks ago, analyst Brian White of Wall Street brokerage firm Drexel Hamilton listed AAPL as a "buy" based on a target price of $185. Other firms like Goldman Sachs and S&P Capital IQ, a division of McGraw Hill Financial, have set lower price targets of between $120 and $130 in recent months. Apple will release its fiscal third quarter earnings results on Tuesday, July 26 at 1:30 p.m. Pacific Time, with a conference call to discuss the report to follow at 2:00 p.m. Pacific Time. The third quarter will likely mark a year-over-year decline, based on Apple's guidance of between $41 billion and $43 billion in

Apple's 'Doom and Gloom' Sentiment Reaches 'Extreme Levels,' but iPhone Sales Should Hit Bottom This Quarter

Apple analyst Brian White of Wall Street brokerage firm Drexel Hamilton has issued a research note to investors in which he estimates that Apple will reach a bottom in iPhone sales, and overall revenue and profit, in the third quarter of the 2016 fiscal year, a three-month period that ends in late June. White claimed that all of Apple's supply chain partners that his firm tracks reported May sales that were "softer than historical averages" due to the slowdown, but he forecasted that the much-rumored iPhone 7 series will help Apple's smartphone business return to growth by the second quarter of fiscal 2017. Until then, the bleeding isn't over. The firm estimated Apple will sell 38.5 million iPhones in the June quarter, down from 47.5 million in the year-ago quarter, followed by an estimated 41 million and 72.3 million sales in the September and December quarters respectively, both of which would also mark year-over-year declines. White predicted that iPhone sales will then rebound to an estimated 56 million, 45.4 million, and 47.3 million in the subsequent three quarters, signaling a return to modest year-over-year growth throughout 2017. iPhone sales are estimated to reach 76.3 million by the first quarter of fiscal 2018, which would be a record breaker. It was initially reported that Apple suppliers projected weak demand for the iPhone 7 series due to a "lack of innovation," with other market conditions to blame, but a subsequent report said Apple has asked suppliers prepare for the highest iPhone production target in "about two years." Apple also

Google Again Surpasses Apple as Most Valuable Company in the World

With Apple shares dipping below $90 this morning, Google's parent company Alphabet briefly overtook Apple as the world's most valuable company hitting a market cap of $498 billion compared to Apple's market cap of $494 billion. Apple and Google shares continue to fluctuate and the two companies are neck-and-neck for the top valuation, but Google remains in the lead. Apple's stock has seen steep declines in recent weeks, following its first ever drop in iPhone sales and its first year-over-year revenue decline since 2003. Apple's share price is down again amid rumors of weak demand for the upcoming iPhone 7 and there's no relief in sight as Apple is also expecting a revenue drop in Q3 2016. Apple's guidance for the quarter includes expected revenue of $41 to $43 billion and gross margin between 37.5 and 38 percent, compared to $49.6 billion revenue and gross margin of 39.7 percent in Q3 2015. Google parent company Alphabet previously overtook Apple as the most valuable company in the world in February of 2016 following a strong Q1 2016 earnings report. Earlier today, Apple was ranked the world's most valuable brand by Forbes, assigned a brand value of $154.1 billion compared to Google's $82.5

Apple Forecasts Another Revenue Decline Next Quarter

Apple today reported its first year-over-year decline in quarterly revenue since 2003, and its guidance for the third quarter of the 2016 fiscal year suggests that the downward trend is likely to continue. Apple expects third quarter revenue of between $41 billion and $43 billion, which would be up to 18 percent lower than the $49.6 billion in revenue it posted in the year-ago quarter. The company also expects a gross margin between 37.5 percent and 38 percent, operating expenses between $6 billion and $6.1 billion, other income/expenses of $300 million, and a tax rate of 25.5 percent. Apple's first revenue decline in thirteen years is largely attributable to the first ever year-over-year decline in iPhone sales, which dropped to 51.2 million from nearly 61.2 million in the year-ago quarter. iPad and Mac sales also declined to 10.25 million and 4.03 million respectively in the March quarter, compared to 12.62 million and 4.56 million respectively a year ago. Meanwhile, Apple experienced growth in both its Services and Other Products categories, the latter of which totaled $2.19 billion and includes sales of iPods, Apple TVs, Beats Electronics, and Apple-branded and third-party accessories. Quarterly revenue from the iTunes Store, App Store, Mac App Store, iBooks Store, AppleCare, Apple Pay, licensing, and other services amounted to nearly $6 billion, up from $5 billion in the year-ago quarter. The Americas remain Apple's largest market with $19.1 billion in revenue, followed by China where revenue fell rather sharply to $12.5 billion compared to $16.8

Apple Forecasted to Report First Quarterly Revenue Decline Since 2003

Apple is set to announce its financial earnings results for the second quarter of the 2016 fiscal year at 1:30 p.m. Pacific, and the consensus among analysts is that the iPhone maker will report its first quarterly revenue decline in over a decade. Wall Street analysts project that Apple will report revenue of around $52 billion, or nearly a 10-percent decline compared to the year-ago quarter. Today's earnings results are based on the three-month period between December 27, 2015 and March 26, 2016. Apple itself projected quarterly revenue of between $50 and $53 billion, compared to $58 billion in the year-ago quarter, possibly signaling the end of over 50 consecutive quarters of year-over-year revenue growth dating back to 2003. Tim Cook, CEO, already cautioned investors that iPhone sales will likely decline in the second fiscal quarter. That decline will be realized if Apple sells fewer than 61.2 million iPhones this quarter, which appears likely given most analysts expect sales to hover around the 50 to 51 million mark. Apple's quarterly revenue between 2005 and 2016 (Source: Statista) iPhone SE sales will not be included in that total, as the lower-priced smartphone launched on March 31, five days after the quarter ended. MacRumors will be providing live blog coverage of Apple's earnings conference call with CEO Tim Cook and CFO Luca Maestri at 2:00 p.m. Pacific. AAPL is trading slightly lower on the NASDAQ at around the $104 mark in pre-market trading ahead of today's announcement.

Apple's New Hardware Chief Johny Srouji Awarded Nearly $10 Million in Stock

Apple's newly promoted Senior Vice President of Hardware Technologies Johny Srouji was awarded 90,270 restricted stock units on October 5, 2015, according to a recent filing with the U.S. Securities and Exchange Commission. The RSUs awarded vest 12.5% in semi-annual installments over a four year period ending October 2019. Srouji now has a total of 217,305 RSUs and 101,881 common stock units, which together amount to just over $34 million at AAPL's current trading price of around $107 per share. The latest batch of 90,270 RSUs are currently valued at approximately $9.6 million. Apple often rewards high-level executives with RSUs based on their performance. In August, for example, Apple CEO Tim Cook and Senior Vice President of Internet Software and Services Eddy Cue received 560,000 and 350,000 RSUs respectively worth over $97 million combined. Apple retail chief Angela Ahrendts also received 113,334 RSUs as a signing bonus upon joining Apple in May 2014. Srouji was promoted to Senior Vice President of Hardware Technologies on December 17, as part of a larger executive team makeover that saw Jeff Williams promoted to COO and marketing chief Phil Schiller take over App Store leadership across all Apple platforms. Tor Myhren, chief creative officer at ad agency Grey, will also join Apple in early 2016 as Vice President of Marketing Communications. Srouji joined Apple in 2008 to lead development of the A4 chip for iPhone 4, and he now oversees silicon and hardware technologies, including batteries, application processors, storage controllers, sensors silicon,

Tim Cook and Eddy Cue Receive Combined $94 Million in Apple Stock

Apple CEO Tim Cook and Senior Vice President Eddy Cue received 560,000 and 350,000 restricted stock units respectively this week, worth a combined $93.8 million based on AAPL's closing price of $103.12 on Monday, according to a pair of filings with the U.S. Securities and Exchange Commission. Tim Cook and Eddy Cue at an Apple Store in 2014 (Image: Bloomberg) Cook was awarded with 280,000 performance-based restricted stock units in full based on Apple's performance relative to the other companies in the S&P 500 over a two-year period ending August 24. Apple needed to achieve a total shareholder return (TSR) of at least 41.36% to place in the top third of companies in the index, and Apple's TSR for the two-year period was 76.76%. Cook and Cue did not sell any of their RSUs, although 290,836 and 171,853 shares were withheld by Apple respectively to satisfy the minimum statutory tax withholding requirements on vesting of RSUs. Cue transferred his remaining 178,147 shares that vested to a family trust, and he has now been awarded all 700,000 shares granted to him on September 2, 2011. Cook has a remaining 4.76 million RSUs scheduled to vest as follows per the SEC filing: 700,000 RSUs on August 24, 2016; 700,000 RSUs on August 24, 2021; 1,680,000 vest in six equal annual installments commencing August 24, 2016; the remaining 1,680,000 are all subject to performance based vesting requirements and will potentially vest in six annual installments commencing August 24, 2016.Cook must remain employed at Apple to receive his unvested RSUs on their applicable vesting dates.

Apple Shares Drop Below $100 Amid Wider Stock Market Downturn [Updated]

Apple shares dipped below $100 in pre-market trading today amid a wider Dow Jones and stock market downturn, with AAPL fluctuating around the $98-$100 mark prior to the Nasdaq and New York Stock Exchange opening bell at 9:30 AM Eastern. Apple shares last dropped below $100 in October 2014, four months after opening at $92.69 following a 7-for-1 split that took effect in June 2014. AAPL dips below $100 in pre-market trading after closing at $105.76 on Friday Apple shares closed at $105.76 on Friday and are down over $35 from a 52-week high of $134.54 set on April 28, but many analysts remain bullish about the stock and believe that the current dip presents a buying opportunity for investors. The company is expected to announce new iPhones and iPads alongside the launch of iOS 9 and OS X El Capitan through the end of October. Last March, Apple replaced AT&T on the Dow Jones Industrial Average, which is currently down over 500 points. The Dow Jones provides a price-weighted average of 30 significant stocks traded on the NASDAQ and NYSE, including American Express, Boeing, Chevron, Coca-Cola, Disney, Exxon Mobil, Goldman Sachs, IBM, Intel, JPMorgan and Chase, Microsoft, Verizon and Visa. Update 6:10 AM Pacific: Apple CEO Tim Cook remains bullish about China in an email sent to Jim Cramer:"Jim, As you know, we don’t give mid-quarter updates and we rarely comment on moves in Apple stock. But I know your question is on the minds of many investors. I get updates on our performance in China every day, including this morning, and I can tell you that we have

Apple Predicted to Beat Expectations in Third Quarter on Strong iPhone Sales and Growth in China

Less than one week before Apple's third quarter fiscal results are released on July 21 at 2:00 PM Pacific, multiple research firms and analysts have released earnings previews for the three-month period ending June 30. The consensus is that Apple will report another quarterly earnings beat based on stronger than expected iPhone sales and continued year-over-year growth in China. Apple provided third quarter guidance of revenue between $46 billion and $48 billion, gross margin between 38.5% and 39.5%, operating expenses between $5.65 billion and $5.75 billion and other expenses of $350 million, while the consensus among analysts was an EPS of $1.79. Apple is expected to beat both that guidance, which is purposefully conservative, and street expectations. Wall Street and Silicon Valley analyst Neil Cybart published his 3Q15 earnings preview on Above Avalon, predicting Apple earned $50.9 billion revenue, with a gross margin of 40.9% and $1.97 earnings per share (EPS), based on sales of 49.3 million iPhones, 10.1 million iPads, 4.9 million Macs, 4.3 million Apple Watches and $9.3 billion from other products and services. Creative Strategies principal analyst Ben Bajarin estimates that Apple Watch worldwide sales were 4.7 million during the June quarter, topping the roughly 1.1 million iPhones and 3.3 million iPads sold in their respective launch quarters. Bajarin's estimate is based on supply chain output tracked by his market research firm, and is 400,000 units higher than Above Avalon's estimate. Apple has not publicly disclosed any official Apple Watch

Carl Icahn Still Believes in Apple HDTV as AAPL's Market Cap Surpasses $750 Billion

Activist investor and billionaire Carl Icahn, during an interview with CNBC today, expressed confusion over The Wall Street Journal's recent report claiming that Apple scrapped its plans for a full television set more than a year ago. Icahn and his investment firm Icahn Enterprises remain confident that Apple will enter the television and automotive spaces, even as analyst Gene Munster admits he was wrong. Icahn issued an open letter to Apple CEO Tim Cook on Monday in which he applauded the company for recently increasing its share repurchase authorization by $50 billion, and encouraged further acceleration of the stock buyback program. Icahn also valued Apple shares at $240 each and said the company will sell 55” and 65” ultra HDTVs in 2016 and introduce an Apple-branded car by 2020."After many years of rumors as part of Apple’s push into television and as we referenced previously, we expect in FY 2016 Apple will sell 55” and 65” ultra high definition television sets," said Icahn in his open letter. "We forecast revenues of $15 billion in FY 2016 and $37.5 billion in FY 2017 on 10 million and 25 million units respectively with average selling prices of $1,500."The open letter also predicts that the iPhone will experience modest 2.3% revenue growth in the 2016 fiscal year, the iPad will rebound with a strong performance and revenue growth of 27.7% in FY 2016 and the Mac will continue to make gains over the next year. Icahn Enterprises predicts 10 million Apple Watch sales in the second half of 2015 and international expansion of Apple Pay. Apple shares are

Apple Forecasted to Report Double-Digit Growth in Second Quarter as Sales Remain Strong

Apple will report its financial results later this hour for the second quarter of the 2015 fiscal year, a three-month period spanning January through March that directly followed the holiday shopping season. Apple has offered guidance of between $52 billion and $55 billion in quarterly revenue, while the average of all analysts combined forecasts the company's revenue during the quarter marginally higher at $56.84 billion. Philip Elmer-DeWitt at Fortune has compiled a pair of charts that aggregate all predictions by independent and professional analysts for Apple's revenue, EPS, gross margin and number of iPhones, iPads and Macs sold during Q2 2015, and it's believed that Apple will report double-digit growth year-over-year as sales remain strong and the company's momentum continues in 2015. Amateur analysts are bullish, predicting average quarterly revenue of $58 billion and sales of 60.1 million iPhones, 13.6 million iPads and 4.7 million Macs, while professional analysts remain more conservative with an average estimate of $55.69 billion quarterly revenue and sales of 55.7 million iPhones, 14.2 million iPads and 4.6 million Macs. Apple is also forecasted to have a gross margin of 39.4% based on the average of all analysts. MacRumors will be providing live coverage of Apple's financial results as they are reported around 1:30 PM Pacific (4:30 PM Eastern), including the subsequent earnings conference call with CEO Tim Cook and CFO Luca Maestri at 2 PM Pacific (5 PM Eastern). At that time, we'll have a clearer picture of just how well Apple managed to perform