Most of the focus on Apple (AAPL) these days is directed at its new iPhone, which is mostly (if not totally) sold out across the country. But today Apple will remind us that it’s still a computer company at heart — its Q3 numbers, and any upside, depend largely on the performance of its red-hot Mac business.
We’ll cover Apple’s results LIVE today, beginning with coverage and analysis of their earnings release just after 4 p.m. ET, and live blogging and analysis of their conference call, which begins at 5 p.m. ET. (Live coverage here.)
Just as it did last quarter, Apple’s Mac business will be the most important revenue and growth driver. iPod growth has slowed to a crawl, and Apple’s Q3 iPhone numbers are already expected to be tiny — the company was sold out of phones much of the quarter while it prepped for a July launch of the new iPhone 3G. We’ll also be paying close attention to Apple’s margins — both for Q3 and its Q4 guidance — and any commentary about the economy.
Revenue: $7.37 billion consensus (up 36% y/y), $7.2 billion guidance
EPS: $1.08 consensus, $1.00 guidance, $1.13 RBC
Gross Margin: 33% guidance, 33.4% RBC, 33.5% AmTech, 33.8% Morgan Keegan
Mac units: 2.2 million consensus (up 25% y/y; upside possible — Gartner says U.S. sales up 38% y/y), 2.4 million RBC, 2.5 million AmTech
iPod units: 10.3 million consensus, 9.5 million RBC
iPhone units: 730,000 consensus (Apple sort-of preannounced when it said it was sold out at 6 million)
Apple typically offers conservative guidance, so it probably won’t meet these numbers:
Sept. Qtr. Revenue: $8.32 billion consensus (up 34% y/y)
Sept. Qtr. EPS: $1.24 consensus (RBC expects $1.21-$1.25 guidance)
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