Apple's Q3 results expected to beat estimates with revenue and earnings growth, driven by AI software

From Nasdaq: 2024-07-22 22:15:51

Apple is set to release its Q3 FY’24 results, with revenue expected to reach $84.3 billion and earnings at $1.35 per share, beating estimates. iPhone sales could see modest growth, driven by emerging markets. Mac business is recovering, and digital services sales are up. Apple’s new generative AI software may drive an upgrade cycle for the company, offered on higher-end devices initially. AAPL stock has seen strong gains but was inconsistent, underperforming the S&P in 2022. Trefis HQ Portfolio has outperformed the S&P each year since 2016. Apple’s current valuation is about $202 per share, trading at 34x FY’24 earnings. Future growth is expected from new offerings and upcoming iPhones.

Returns for Apple in July 2024 stand at 9% MTD and 19% YTD, with total returns at 748% since 2017. Apple has outperformed the S&P 500 and Trefis Reinforced Value Portfolio. Trefis offers market-beating portfolios and price estimates.



Read more at Nasdaq: Will Apple’s Q3 Results Get An AI Bump?