Apple will report its third-quarter earnings for the fiscal year this week and investors will be watching the world’s most valuable company results closely.
The iPhone maker and technology powerhouse recently wrestled its status as the planet’s biggest company by market cap back from Microsoft and Nvidia – two organizations propelled to new heights this year driven by the ongoing AI revolution.
As of July 31, Apple’s market capitalization stands at $3.1 trillion and the company’s stock price is up 18% year-to-date.
The third quarter fiscal year earning report for Apple will be published on Thursday, August 1 after US markets close which at 2:00 p.m. PT or 5:00 p.m. ET.
The conference call will be broadcast via webcast on Apple’s investor site and is open to anyone.
One of the big metrics to listen out for is Apple’s iPhone sales in China. It’s a huge market for the company and represented 19% of all revenue in 2023.
There have been concerns of slowing iPhone sales in China which dragged down APPL stock in the first half of the year. Analysts will be hoping the third quarter report could mark a turnaround for sales in the Far East.
Experts from Visible Alpha are projecting revenue of $84.44 billion for the third quarter, a modest 3% growth compared to the same period last year. This steady increase suggests that Apple continues to maintain strong demand for its products and services, even in the face of ongoing economic challenges and ferocious competition.
There is much anticipation and speculation around the iPhone 16 and when it will be released. It’s widely expected to be showcased in September and will include both the A18 chip and the next-generation M4 chip for Mac, a combination that would significantly increase the number of built-in AI computing cores.
Any details on the iPhone 16 could have a positive effect on Apple’s stock price.
The company could discuss its ongoing AI initiatives during the earnings call, offering investors greater clarity on how the emerging tech could affect Apple.
Earlier this month ReadWrite reported how Apple’s new AI features will likely miss the initial launch of the iPhone and iPad software overhauls so any update on this could be significant.
Featured image: Ideogram
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