Apple to report Q2 earnings amid iPhone slowdown, China troubles [Yahoo! Finance]
Apple Inc. (AAPL)
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Source: Yahoo! Finance
According to Counterpoint Research , iPhone sales fell 19% in the quarter, while rival Huawei continued to regain its footing after the U.S. attempted to kneecap the company by keeping it from accessing US chips in 2019. The anticipated pullback in iPhone shipments follows back-to-back quarters of revenue declines out of Greater China, one of Apple's most important sales regions. For Q2, revenue is set to drop 28% year-over-year. Shares of Apple are off some 5% year to date and roughly flat over the last 12 months. Shares of Big Tech rivals like Microsoft and Google, meanwhile, are up 25% and 37% over the last year, respectively. For the quarter, Apple is expected to report earnings per share (EPS) of $1.50 on revenue of $90.3 billion, according to analyst estimates compiled by Bloomberg. That would equate to a 4.75% year-over-year revenue decline. Apple's iPhone revenue is anticipated to drop some 10.8% to $45.75 billion in the quarter, while iPad revenue is set to fall 11%.
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