Goldman Sachs expects Apple to beat Q3 earnings estimates
Investment bank Goldman Sachs is anticipating Apple to surpass analyst expectations when it reports third-quarter earnings on Thursday. The firm forecasts earnings per share (EPS) of $1.36, exceeding the Wall Street consensus by 3 cents.
Michael Juliano for Benzinga:
He predicted revenue for the quarter to come in at $85.1 billion, up 4% from $81.8 billion in revenue posted a year ago.
“While Apple’s iPad market share has lagged in recent quarters relative to history, we expect the recently announced new iPad models (May 7) should benefit market share in F3Q24,” he wrote in a note. “The new iPad models represented the first new iPads since October 2022.”
“The majority of gross profit growth over the next five years should be driven by services, which should mark an inflection point in the services investment narrative,” he wrote. “The durability of Apple’s installed base and the resulting revenue growth visibility from attaching more services and products is what underpins the recurring revenue — or Apple-as-a-Service — opportunity.”
As we just wrote earlier today, “Expect strong, double-digit Services revenue growth.
Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30 p.m. PT / 4:00 p.m. ET. As always, we’ll have the results for you as soon as they are release. The company will hold a conference call with analysts thirty minutes later at 2:00 p.m. PT / 5:00 p.m. ET, which we’ll cover with live notes as usual.
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