AAPL Earnings Preview: Can Apple Keep Its Winning Streak Alive?
AAPL Earnings Preview: Can Apple Keep Its Winning Streak Alive?
- Apple is set to report earnings on Thursday, April 30, after the market closes.
- Services revenue, China momentum are in focus as Tim Cook prepares to depart.
- Technical momentum is intact, but a poor earnings report threatens to derail recent upside.
Apple earnings due out on Thursday, April 30, after the market bell
Apple (AAPL) is scheduled to report second-quarter earnings after the bell on Thursday, April 30.
The report will come after a barrage of tech earnings cross the wires on Wednesday with Amazon (AMZN), Meta (META), Microsoft (MSFT) and Alphabet (GOOGL).
This report comes after Apple announced that Tim Cook, its long-time chief executive officer (CEO), will step down in September. John Ternus, senior vice president of hardware, will step in as CEO.
Counterpoint Research, earlier this month, reported a strong 20% growth rate for iPhone shipments in China for the quarter. China is Apple’s third largest market, bringing in nearly $65 billion in annual revenue last year. Investors will want to see strong signs for a recovery in the Greater China region.
Another strong point investors are dialed in on is growth in its services business, which posted double-digit growth. Apple’s services business is extremely profitable, commanding a gross margin of above 70%.
Investors see its services growth as a hedge against an oversaturated reliance on iPhone sales, which account for over half of its revenue. Services contribute about a third of Apple’s revenue but almost half of its gross profit. That said, growth in this segment will be closely watched.
Investors will also be following the earnings call closely and likely want to hear about business continuity given that Tim Cook is set to depart.
Trading Apple earnings
According to TradingView, Apple is expected to report earnings per share (EPS) of $1.95 on revenue of $109.46 billion. That would compare to an EPS of $1.65 on $95.36 billion in revenue a year ago.
Apple has managed to beat estimates on EPS and revenue in every quarter over the past year.
Options show an expected move of +/- 9.35 points, or 3.5% of Wednesday’s 270.19 closing price. That is below the average 5% to 10% expected move for S&P 500 stocks on earnings.
Technically, Apple is trading within the range from early December to January between 288.62 and 243.42.
More recently, Apple has managed to set higher highs and lower lows since pivoting higher in late March. The stock remains above its 21-day exponential moving average (EMA), but prices have had trouble sustaining above the 9-day EMA.
If prices move toward the topside of the expected move, it would clear the recent high at 275.77 from April 23, which would clear the way for prices to potentially challenge the swing highs from February.
Alternatively, if Apple falls after earnings, then the technical uptrend from the late-March swing low would come under threat.
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.
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