Analysts Take a Bite Out of Apple Before Earnings
Apple (NASDAQ:AAPL) will report earnings after the bell on Tuesday, July 23, and analysts seem eager to downwardly revise their earnings and sales estimates. Misses from other big-name tech companies like Samsung (SSNLF.PK), BlackBerry (NASDAQ:BBRY), and HTC have helped drive estimates down over the past few weeks, and the consensus seems to be that the company and the stock are simply slogging it through the dog days of summer, heading for greener pastures in the second half of the year.
Weighing in a day before the earnings, Topeka Capital analyst Brian White lowered his third quarter revenue projection from $36.52 billion to $35.28 billion. This is slightly ahead of the average analyst estimate at $35.09 billion, and at the upper end of Apple’s guidance of a range between $33.5 and $35.5 billion. White lowered his earnings projection from $7.45 to $7.37 per share, also above the average analyst estimate of $7.31 per share.
“We are reducing our projections ahead of the print to reflect demand trends across Apple’s portfolio and the timing of new product launches,” White commented in a July 22 note.