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Apple's Stock Surges After U.S. Delays Additional 10% Import Tariff on Products Like Cell Phones and Laptops

Apple's stock has surged around five percent after the United States Trade Representative announced that an additional tariff of 10 percent on approximately $300 billion of Chinese imports will be delayed to December 15 for products such as cell phones, laptop computers, and monitors, per CNBC. Moreover, the USTR said certain products are being removed from the tariff list based on "health, safety, national security and other factors" and will not be subject to the additional tariff of 10 percent whatsoever. It is unclear if this decision applies to any Apple products or accessories. BREAKING: Stocks jump to session highs, Apple surges more than 4.5% after USTR removes items from China tariff list, delays some others including those on cell phones and laptops https://t.co/4gGcxyFOnV pic.twitter.com/AMmid6LZJY— CNBC Now (@CNBCnow) August 13, 2019 The USTR said it will provide additional details and lists of the tariff lines affected by this announcement on its website today. The new tariff kicks in September 1 for the remaining Chinese imports impacted. Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Apple Earnings Preview: All Eyes on Next Quarter's Guidance Ahead of New iPhones, Apple Card, and Apple TV+

Apple is set to report its earnings results for the third quarter of its 2019 fiscal year at 1:30 p.m. Pacific Time today. The quarter began March 31, 2019 and ran through June 29, 2019, according to Apple's fiscal year accounting calendar. Apple's guidance for the quarter from April 30:revenue: $52.5 billion-$54.5 billion gross margin: 37-38 percent op. ex.: $8.7 billion-$8.8 billion other income/expense: $250 million tax rate: approximately 16.5 percentApple's guidance suggests it will report its second-best third quarter ever by revenue: 2014: $37.4 billion 2015: $49.6 billion 2016: $42.4 billion 2017: $45.4 billion 2018: $53.3 billion 2019: $52.5+ billionWall Street's revenue estimates average out to $53.39 billion, slightly below the midpoint of Apple's guidance, based on 33 analysts tracked by Yahoo Finance. Earnings per share is estimated to be $2.10. Key Facts and What to Look ForiPhone revenue of $26.5 billion, according to a Bloomberg average. Product launches in the third quarter: 13-inch and 15-inch MacBook Pro refresh on May 21 (excluding entry-level 13-inch model, which was updated in July) and seventh-generation iPod touch on May 28. Apple's guidance for its fourth fiscal quarter, which typically encompasses the launch of at least some new iPhone models in mid-to-late September. Wall Street expects fourth quarter revenue to be $61 billion, down around three percent year-over-year, according to Bloomberg. Apple's revenue in Greater China and any potential commentary regarding the U.S.-China trade war. Apple reported revenue of $9.5

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

Apple is set to report its earnings results for the second quarter of its 2019 fiscal year at 1:30 p.m. Pacific Time today. The quarter began December 30, 2018 and ran through March 30, 2019, according to Apple's fiscal year accounting calendar. Apple's guidance for the quarter from January 29:revenue between $55 billion and $59 billion gross margin between 37 percent and 38 percent op. ex. between $8.5 billion and $8.6 billion other income/expense of $300 million tax rate of approximately 17 percent before discrete itemsApple's guidance suggests that it will report at least its third-best second quarter ever based on revenue: 2015: $58 billion 2016: $50.6 billion 2017: $52.9 billion 2018: $61.1 billion 2019: $55+ billionWall Street analysts forecast that Apple will report $57.4 billion revenue, above the midpoint of its guidance, and earnings per share of $2.36, according to 28 estimates averaged by Yahoo Finance. What to Look ForInvestors will be looking for iPhone revenue and Greater China revenue to rebound after Apple issued its first revenue warning in 16 years last quarter due to fewer-than-anticipated iPhone sales, primarily in the Greater China region. Wall Street expects iPhone revenue to be around $30.5 billion, according to six estimates compiled by Bloomberg News. Any potential commentary surrounding Apple's settlement and chipset agreement with Qualcomm. Apple is expected to release its first 5G-enabled iPhones in 2020 with Qualcomm and Samsung modems. Apple's growing services category remains key. Apple's services revenue reached an

18 Key Takeaways From Apple's First Earnings Call of 2019

Apple yesterday reported its earnings results for the first quarter of the 2019 fiscal year. Apple's CEO Tim Cook and CFO Luca Maestri then went on a conference call with analysts to discuss the results. Key takeaways are below. Revenue of $84.3 billion. For financial details, see our earnings report coverage. 1.4 billion active devices at end of quarter. Apple Music now has over 50 million paying subscribers. App Store set single-day spending record: over $322 million on New Year's Day. 1.8 billion Apple Pay transactions in quarter, more than 2x vs. year-ago quarter. Target, Taco Bell, and Jack in the Box stores in U.S. will accept Apple Pay soon. Apple News now has over 85 million monthly active users. Apple News launching in Canada later this quarter. English and French. Apple's gross margin was 34.3% for hardware products and 62.8% for services. Apple remains on track to double its fiscal 2016 services revenue by 2020. Apple now has 360 million paid subscriptions across its services. Apple expects to surpass 500 million paid subscribers across its services in 2020. Wearables revenue driven by "amazing popularity" of Apple Watch and AirPods. Wearables category is "approaching the size of a Fortune 200 company." 506 Apple Stores across 22 regions at end of quarter. Apple ended the quarter with $245 billion in cash plus marketable securities. Apple to provide update on its capital return program in March earnings report. iPhone XR is best-selling iPhone model, then iPhone XS Max, then iPhone XS.More

Apple to Announce Earnings Today Following First Revenue Warning in 16 Years, End of Unit Sales Reporting

Apple is set to report its earnings results for the first quarter of its 2019 fiscal year at 1:30 p.m. Pacific Time today. The quarter began September 30, 2018 and ran through December 29, 2018, according to Apple's fiscal year accounting calendar. Apple issued a rare earnings warning for the quarter on January 2, its first in over 16 years. The revised guidance is as follows:revenue of approximately $84 billion gross margin of approximately 38 percent op. ex. of approximately $8.7 billion other income/expense of approximately $550 million tax rate of approximately 16.5 percent before discrete itemsApple's initial guidance for the quarter on November 1:revenue between $89 billion and $93 billion gross margin between 38 percent and 38.5 percent op. ex. between $8.7 billion and $8.8 billion other income/expense of $300 million tax rate of approximately 16.5 percent before discrete itemsApple's guidance suggests it will report its second-best first quarter results ever, based on revenue, behind its 2018 record of $88.3 billion: 2015: $74.6 billion 2016: $75.9 billion 2017: $78.4 billion 2018: $88.3 billion 2019: $84 billionWhat to Look ForApple's revised guidance suggests it will report its first holiday quarter sales decline since 2001, although it would still be the company's second-best quarter ever in terms of revenue. This is Apple's first earnings report in which it will not disclose iPhone, iPad, or Mac unit sales, a change it announced back on November 1. Apple's financial chief Luca Maestri said Apple may provide qualitative commentary about sales

AAPL Stock Recoups Losses Incurred After Tim Cook Slashed Apple's Revenue Guidance

AAPL shares are currently trading above the $157 mark on the intraday market, recouping virtually all losses incurred since Apple CEO Tim Cook slashed Apple's revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year. AAPL closed at $157.92 on January 2, immediately prior to Cook revealing the shortfall in an after-hours letter to shareholders, and is now trading just cents below that level. The stock has gradually recovered over the past two weeks since establishing a new 52-week low of $142 on January 3. Apple share price now returned to level before Tim Cook’s letter to investors.— Horace Dediu (@asymco) January 18, 2019 Apple originally guided for revenue of between $89 billion and $93 billion in the three-month period ending in December, but revised its estimate to $84 billion due to "fewer iPhone upgrades" than it anticipated, primarily due to "significantly greater" economic weakness than it projected in the Greater China region. The letter sparked concerns among some investors and analysts that Apple has reached "peak iPhone," especially given Apple's revelation that it will no longer disclose unit sales in its quarterly earnings reports going forward. While the iPhone accounts for around two-thirds of Apple's revenue, the company has repeatedly touted the continued growth of its services, including the App Store, Apple Music, iCloud, iTunes, and so forth, which combined for a nearly 19 percent increase in revenue on a year-over-year basis in the quarter. Apple is widely expected to launch a streaming TV

Apple Faces Second Class Action Lawsuit Threat Over Failing to Warn Investors About Slowing iPhone Demand

New York-based law firm Bronstein, Gewirtz & Grossman has announced it is investigating whether Apple and certain executives violated U.S. federal securities laws after the company lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year earlier this week. The law firm is conducting the investigation on behalf of AAPL shareholders, with potential for a class action lawsuit, and encourages affected investors to obtain additional information and assist the investigation by visiting its website. Bernstein Liebhard LLP, another New York-based investor rights law firm, launched a nearly identical investigation of Apple earlier this week. Apple CEO Tim Cook in a letter to shareholders this week disclosed that Apple's revenue for the quarter just ended will be approximately $84 billion, significantly lower than its original guidance of $89 billion to $93 billion, due to "lower than anticipated iPhone revenue, primarily in Greater China." Both investigations contrast the positive language that Cook has previously used when speaking about China with the weaker language used in his letter to shareholders this week, in which he said Apple "did not foresee the magnitude of the economic deceleration, particularly in Greater China."On January 2, 2019, Apple revealed that its revenue for the first fiscal quarter of 2019 would be more than 7% lower than it expected because of "[l]ower than anticipated iPhone revenue, primarily in Greater China, [which] accounts for all of [Apple's] revenue shortfall to [its] guidance and for much more

AAPL Opens at $144, Sliding Nearly 10% After Major Revenue Cut and Down 35% Since Early November

AAPL has opened at $144 today on the stock market, with share prices sliding roughly nine percent after Apple lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year. AAPL is down just over 35 percent since closing at $222.22 on November 1, just prior to its last earnings report. In a letter to shareholders on Wednesday, Apple disclosed that its revenue will be lower than its original guidance for the first quarter of its 2019 fiscal year, coming in at approximately $84 billion. Apple originally guided for revenue of $89 billion to $93 billion in the quarter on November 1. The letter said lower than anticipated iPhone revenue, primarily in Greater China, accounts for the entire revenue shortfall. In an internal memo, Apple CEO Tim Cook said he will host an all-hands meeting with employees today at 9:30 a.m. Pacific Time at Apple's Town Hall auditorium on its Infinite Loop campus to answer questions about the shortfall. AAPL was already dragged down by Apple's recent announcement that it will no longer disclose iPhone, iPad, and Mac unit sales starting with its next quarterly earnings report. The move sparked fears among some investors and analysts that Apple had something to hide, particularly regarding slowing iPhone sales. Apple yesterday announced that it will report its earnings for the first quarter of its 2019 fiscal year on January 29.

Microsoft Passes Apple to Become Most Valuable U.S. Company

Microsoft today surpassed Apple to become the world's most valuable publicly traded company as a result of Apple's continually declining share price, reports Business Insider. Microsoft has reached a market capitalization of approximately $814 billion, while Apple's is now slightly less. Apple earlier this year became the world's only trillion dollar publicly traded company, but it lost that status in November and its market cap has steadily declined since then over concerns of weak iPhone sales and its announcement that it will no longer share iPhone, iPad, and Mac sales on a unit basis. According to Bloomberg, Microsoft's market cap has not previously matched Apple's since mid-2010, eight years ago. Microsoft's growing cloud business and strong PC sales made Microsoft one of the few tech companies to grow in value following its September quarter earnings results. Apple's valuation, meanwhile, has fallen more than 20 percent since its own earnings results. Microsoft shares hit a high of $105.94 in intra-day trading, while Apple's have dropped to a low of $170.27. As stock prices fluctuate, Microsoft and Apple are now competing for the most valuable company title with the lead company shifting back and forth.

Apple Loses Trillion Dollar Company Status Due to 10% Slide on Stock Market Since Thursday

AAPL has dipped below the $200 mark at times today, and is down around 10 percent since Apple's earnings report last week, resulting in the company losing its trillion dollar valuation in terms of market capitalization. As of writing, Apple has a market cap of around $950 billion based on its latest share count. Apple on Thursday reported revenue of $62.9 billion during the fourth quarter of its 2018 fiscal year, an all-time record for the July-September period, but the good news was overshadowed by Apple's revelation that it will no longer disclose iPhone, iPad, and Mac sales on a unit basis starting next quarter. The news has sparked concerns among some analysts and investors that Apple may have something to hide, as iPhone unit sales in particular were essentially flat last quarter and could begin to decline in upcoming quarters. Apple's financial chief Luca Maestri said unit sales are "not particularly relevant for our company at this point," as they are "not necessarily representative of the underlying strength of our business." He added that Apple may provide qualitative commentary related to unit sales if the info is valuable to investors. AAPL is also being dragged down by a questionable report claiming Apple has informed its suppliers to halt plans for additional production lines dedicated to the iPhone XR due to "disappointing demand" for the smartphone. Not everyone believes Apple's decision to stop reporting unit sales is a bad one. Apple bull Brian White at Monness Crespi Hardt believes the change "makes perfect sense" as Apple's success is

Apple Now Has 132K Full-Time Employees, Spent $14.2B on R&D in 2018 Fiscal Year

Following the conclusion of its 2018 fiscal year, which ended September 29, Apple today filed its annual Form 10-K [PDF] with the SEC. We've combed through the exhaustive, legalese-rich 72-page report so you don't have to. Highlights:9,000 more employees: Apple has 132,000 full-time employees as of the end of its 2018 fiscal year, up from 123,000 a year prior. R&D expenses rose nearly $3 billion: Apple spent $14.2 billion on research and development in its 2018 fiscal year, a nearly 23 percent increase over the $11.5 billion it spent in its 2017 fiscal year. Apple continues to execute its share repurchase program: Apple had 23,712 shareholders of record as of October 26, 2018, down from 25,333 as of October 20, 2017. There were 4,754,986,000 outstanding shares of Apple stock as of the end of its 2018 fiscal year. Genius Bar expenses are down: Apple's expenses from warranty claims totaled $4.1 billion in its 2018 fiscal year, down from $4.3 billion in its 2017 fiscal year and $4.6 billion in its 2016 fiscal year. CapEx to drop: Apple anticipates utilizing approximately $14 billion for capital expenditures during its 2019 fiscal year, down from $16.7 billion in its 2018 fiscal year. The capital is used towards Apple's manufacturing equipment, data centers, corporate facilities, and retail stores. Apple snaps up more office space: Apple owned 16.5 million square feet and leased 24.3 million square feet of building space as of September 29, 2018. By comparison, Apple owned 13.4 million square feet and leased 23.0 million square feet of building space as of September

Apple to Announce Q4 2018 Earnings on November 1

Apple today updated its investor relations page to announce that it will share its earnings results for the fourth fiscal quarter (third calendar quarter) of 2018 on Thursday, November 1. The earnings release will provide a look at sales of the new iPhone XS and XS Max during their first week of availability, and we may hear some details on how well the Apple Watch Series 4 sold. Apple has not provided launch weekend sales for the iPhone XS and XS Max, so earnings will mark the first look at how well the updated devices sold compared to the iPhone 8, 8 Plus, and X. Apple's guidance for the fourth quarter of fiscal 2017 includes expected revenue of $60 to $62 billion and gross margin between 38 and 38.5 percent. In 4Q 2017, Apple posted revenue of $52.6 billion and gross margin of 37.9 percent. The quarterly earnings statement will be released at 1:30 PM Pacific/4:30 PM Eastern, with a conference call to discuss the report taking place at 2:00 PM Pacific/5:00 PM Eastern. MacRumors will provide coverage of both the earnings release and conference call on November

Tim Cook Poised to Receive Around $120 Million in Apple Stock as Tenure and Performance Award

Apple CEO Tim Cook is poised to receive 560,000 shares of Apple stock on Friday, worth approximately $120.4 million based on Tuesday's closing price of $215.04. The two-part award is tied to Cook's continued service as CEO, and Apple's relative performance on the stock market under his leadership. The total includes the vesting of 280,000 restricted stock units for Cook remaining CEO over the past year, and the vesting of another 280,000 restricted stock units for Apple achieving a higher shareholder return than at least two-thirds of other companies in the S&P 500 over the past three years. Apple's total shareholder return was 119 percent from August 25, 2015 through Tuesday's closing bell, outperforming more than 80 percent of firms in the S&P 500, according to Bloomberg. So, unless Apple suffers a major collapse on the stock market in the next 48 hours, Cook will receive all 560,000 shares. Cook receives these annual awards as part of a grant he received upon succeeding the late Steve Jobs as CEO of Apple in 2011. Cook will receive an additional 560,000 shares in each of the next three years if he remains CEO, and Apple's total shareholder return continues to rank among the top-third of companies in the S&P 500. He is also set to receive a lump sum of 700,000 tenure-based shares on August 24, 2021, as part of his grant. Cook also receives a $3 million salary and earned a $9.33 million cash bonus in 2017, according to Bloomberg. Cook now has a net worth of around $700 million, according to Bloomberg, but has previously said he plans to give away most

Apple Became World's Most Valuable Company Seven Years Ago Today, Two Weeks Before Steve Jobs Resigned as CEO

Today marks the seventh anniversary of Apple passing U.S. oil giant ExxonMobil to become the world's most valuable company for the first time, with a market capitalization of around $341.5 billion at the time. Apple achieved the milestone on August 9, 2011, just over two weeks before the late Steve Jobs resigned as CEO on August 24, 2011, the same day that he nominated then-COO Tim Cook to succeed him in the position. Jobs passed away on October 5, 2011, following a lengthy battle with cancer. Apple dropped back below ExxonMobil a few times, and was briefly surpassed by Google parent company Alphabet in market cap at times in 2016, but the iPhone maker has been the world's most valuable company for the better part of the past seven years, and continues to hold that title today. Apple becoming the world's most valuable company was a remarkable accomplishment given that it flirted with bankruptcy in the mid-to-late 1990s, until Jobs returned and streamlined its product lineup. Under his leadership, Apple introduced several hits, including the iMac, iPod, iPhone, and iPad. Apple has continued its success under Cook, becoming the first publicly traded U.S. company worth a trillion dollars last week, shortly after reporting record-breaking $53.3 billion revenue in the third quarter of the 2018 fiscal year. Apple's stock has appreciated over eight percent since the results came out. Apple will look to build upon its success by expanding its focus on technologies such as augmented reality, autonomous driving, and artificial intelligence, in addition to services

Tim Cook Says Apple's $1 Trillion Value is a 'Significant Milestone' But 'Not the Most Important Measure of Success' in Employee Memo

Apple today reached a major milestone and became the first publicly listed U.S. company to reach a $1 trillion market capitalization. Following the news, Apple CEO Tim Cook, who did not comment publicly on the occasion, sent out a memo to employees, which was shared by Buzzfeed. In the memo, Cook said that while the valuation is a "significant milestone" that the company should be proud of, it's not the most important measure of Apple's success. He instead thanked employees and said that it's their hard work and refusal to settle for less that makes Apple great.Team, Today Apple passed a significant milestone. At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion. While we have much to be proud of in this achievement, it's not the most important measure of our success. Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values. It's you, our team, that makes Apple great and our success is due to your hard work, dedication and passion. I am deeply humbled by what you do, and it's the privilege of a lifetime to work alongside you. I want to thank you from the bottom of my heart for all the late hours and extra trips, all the times you refuse to settle for anything less than excellence in our work together. Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company. Steve founded Apple on the belief that the

Apple is Officially a Trillion Dollar Company as Shares Cross $207 Mark

Apple has officially become the world's only trillion dollar publicly traded company, in terms of market capitalization, which is simply the company's number of outstanding shares multiplied by its stock price. Apple achieved this milestone by hitting a stock price of $207.05 and above in intraday trading today, giving it a market cap slightly over $1,000,000,000,000, based on its 4,829,926,000 outstanding shares as of July 20, 2018, which the company disclosed in its quarterly 10-Q filing with the SEC on Wednesday. While some publications declared Apple a trillion dollar company earlier in the day, this was based on an outdated number of outstanding shares in Apple from tools such as Yahoo Finance, which powers Apple's own Stocks app. Apple beat out other large tech companies, including Amazon, Microsoft, and Google parent company Alphabet, in the race to a trillion dollars. As with most milestones of this nature, however, Apple reaching exactly a trillion dollar market cap doesn't have too much significance, beyond the vanity of it. Apple's stock has appreciated over eight percent since the market closed on Tuesday, following its record-breaking earnings results. Apple set a new fiscal third quarter record with $53.3 billion revenue, easily topping Wall Street expectations, and there were also indications that the iPhone X is selling quite well. The milestone is a testament to the strength of Apple, which has already been the world's most valuable company for several years. Aside from 2016, which is now an outlier, Apple has been steadily increasing its

Apple's March to Trillion Dollar Market Cap May Take a Bit Longer Based on Latest Share Count

Apple has filed its quarterly 10-Q form with the U.S. Securities and Exchange Commission today, confirming that the company has a total of 4,829,926,000 outstanding shares on the stock market as of July 20, 2018. That's down from 4,915,138,000 shares three months earlier as Apple has continued to buy back its own stock. Based on multiplying the latest total by Apple's closing stock price today of $201.50, the iPhone maker has a market cap of roughly $973 billion, making it ever so close to becoming a trillion dollar company. The exact moment that Apple crosses the trillion dollar mark will be difficult to determine, as Apple continues to buy back and retire shares, reducing the number of outstanding shares. The total reflected in the 10-Q form is already nearly two weeks old, and has likely decreased over that time. Everyone from investors to fanatical customers has been closely watching the AAPL ticker on the stock market to see if Apple will become the world's only and arguably first publicly traded company with a trillion dollar valuation. Tech rivals Amazon, Microsoft, and Google parent company Alphabet are also in the race. For now, the wait for $1,000,000,000,000 continues, but it doesn't look like it will take much longer for Apple to pull off the

Apple's Stock Price Crosses $200 Mark to Reach New All-Time High

Apple shares crossed the $200 mark in intraday trading today, setting a new all-time high for the company's stock. Apple's stock is up over five percent since the market closed on Tuesday, after the company reported a record-breaking $53.3 billion in revenue, meeting the high end of its guidance and topping Wall Street expectations. All eyes are on the AAPL ticker as Apple hovers ever so close to a trillion dollar valuation, but the company's precise market cap can't be determined until Apple files its quarterly 10-Q form today with an updated total of outstanding

Apple Expected to Report Its Best Third Quarter Ever Today

Apple is set to report its earnings results for the third quarter of its 2018 fiscal year at 1:30 p.m. Pacific Time today. The quarter began April 1, 2018 and ran through June 30, 2018, according to Apple's fiscal year accounting calendar. Apple provided the following guidance for the quarter back on May 1:revenue of $51.5 billion to $53.5 billion gross margin between 38 and 38.5 percent op. ex. of $7.7 billion to $7.8 billion other income/expense of $400 million tax rate of approximately 14.5 percentApple's guidance suggests it will report its best third quarter results ever, by revenue, comfortably topping its 2015 record of $49.6 billion: 2014: $37.4 billion 2015: $49.6 billion 2016: $42.4 billion 2017: $45.4 billion 2018: $51.5+ billion Wall Street analysts forecast that Apple will report $52.3 billion revenue, meeting roughly the midpoint of its guidance, and earnings per share of $2.18, according to 29 estimates averaged by Yahoo Finance. Key Takeaways and What to Look ForiPhone unit sales of around 41.7 million, according to a FactSet estimate. Apple doesn't break out iPhone sales on a model-by-model basis, but the iPhone's average selling price should reveal whether the iPhone X remains Apple's best selling iPhone model since it launched, or if sales have slowed. iPhone ASP was $728 last quarter. $606 in year-ago quarter. iPad unit sales should be boosted by the new sixth-generation 9.7-inch iPad, released March 27, just four days before the third quarter. Apple's guidance for its fourth quarter, which runs from July 1 through September 29, as

Apple to Announce Third Quarter 2018 Earnings Results on July 31

Apple today updated its investor relations page to announce that it will share its earnings results for the third fiscal quarter (second calendar quarter) of 2018 on Tuesday, July 31. The earnings release will provide a look at continued sales of the iPhone X, iPhone 8, and iPhone 8 Plus, along with data on how well the new low-cost 9.7-inch iPad is doing. Apple's guidance for the third fiscal quarter includes expected revenue of $51.5 to $53.5 billion and gross margin between 38 and 38.5 percent. Based on those guidance numbers, Apple will beat its Q3 2017 earnings results. Apple's quarterly earnings statement will be released at 1:30 p.m. Pacific/4:30 p.m. Eastern, with a conference call to discuss the report taking place at 2:00 p.m. Pacific/5:00 p.m. Eastern. MacRumors will provide coverage of both the earnings release and conference call on July