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Apple has announced that it will report and discuss earnings results for the company's third fiscal quarter of 2021 on Tuesday, July 27.
In addition to reporting its fiscal results for the quarter, Apple will also hold a call with analysts. The call is slated to take place at 2 p.m. Pacific (5 p.m. Eastern) on Tuesday, according to the company's investor relations webpage.
Apple earnings calls typically last for an hour. CEO Tim Cook and CFO Luca Maestri will deliver prepared remarks before taking questions from financial analysts.
During its Q2 2021 earnings call, the Cupertino tech giant did not provide specific guidance for the third quarter. However, it did note that, while it expects "strong double-digit growth" during the period, it's also predicting a greater-than-normal sequential decline.
Historically, Apple's third quarter tends to be more muted than previous ones. Expectations that work-from-home tailwinds will fade and the "iPhone 13" will be more evolutionary than revolutionary has led some investors to be concerned about the June quarter. However, Apple in April unveiled a stable of new hardware products, including updates to its iPad, Mac, and accessories.
The new spring lineup includes a redesigned 24-inch iMac, iPad Pro models equipped with M1 chips, and the AirTag tracking tags. Apple in June also held its annual Worldwide Developers Conference, during which it announced iOS 15, macOS Monterey, and other software updates.
Despite the fact that Apple's June quarters are typically slower, analyst Katy Huberty expects the company to beat both guidance and Wall Street expectations during the period. A combination of stronger-than-usual iPhone demand and App Store estimates leads Huberty to believe that Apple will report a June quarter beat.
On its last earnings call, Apple also claimed that it would see supply constraints for certain product lineups, like the iPad or Mac. Because of those constraints, Apple said it expected demand to be supply gated and not demand-gated. At least one analyst believes that elevated lead times for iPad and Mac models throughout the June quarter could hint at continued elevated demand.
As of Wednesday, current Wall Street consensus predicts that Apple will report revenue around $72 billion and an earnings-per-share of $0.99.
In 2020, Apple reported quarterly revenue of $59.7 billion in the third quarter, up 11% year-over-year.
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