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Analysts update Apple earnings forecasts on stronger-than-expected iPhone sales

MacDailyNews

Oct 22

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Apple will announce its fiscal Q4 earnings on October 31st right after regular trading closes. Apple’s fiscal Q424 report will cover the quarter ending in September 2024. Analysts expect earnings per share of $1.54 (vs. $1.46 YoY), according to Zacks Investment Research.

Silin Chen for TheStreet:
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Loop Capital has revised its Q3 iPhone revenue forecast for Apple, citing stronger-than-anticipated iPhone shipments, thelfy.com reported.
The firm raised its iPhone revenue estimate to $49.3 billion from $48.6 billion and increased its unit sales forecast to 53.5 million from 52.5 million. According to Loop Capital’s research, the iPhone supply chain is performing better than initially forecasted, reflecting resilient demand amid a highly competitive smartphone market.
Meanwhile, JPMorgan has noted a shift in iPhone 16 lead times, now tracking in line with those of the iPhone 15 series. Lead times are the waiting period from order placement to delivery…
Initially, the iPhone 16’s average delivery times were shorter than the iPhone 15’s, but by week six, they were back in line with the iPhone 15’s delivery patterns, “providing more reassurance around recovery in demand momentum following the initial weeks post-launch,” the analyst tells investors in a research note.

MacDailyNews Take: Regardless of how iPhone “lead times” are being interpreted, as we wrote on September 17, 2024:

You cannot measure demand based on shipping times without knowing how much supply Apple has in hand (also vs. the previous year compare with iPhone 15 Pro supplies being constrained due to camera component yields) and where and how those supplies are allocated in each geographic area.
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MacDailyNews Note: Loop Capital has a “Buy” rating on Apple shares with a price target of $300. JPMorgan has an “Overweight” (Buy) rating on AAPL with a price target of $265.

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