Apple Inc Q4 results: results rest on China demand and iPhone 15
By Kyle Rodda
13:02, 1 November 2023
Apple will deliver its Q4 earnings after the closing bell on Thursday, November 2, 2023. We preview what the markets are expecting heading into the results.
What are analysts forecasting for Apple Inc.’s Q3 results?
Revenue | EPS | iPhone Rev. | Q1 EPS Guidance | |
Estimate | $89.33B (-0.90%) | $1.394 (8.04%) | $43.72B | $2.09 |
Source: Bloomberg
According to data compiled by Bloomberg, analysts expect Apple to report flat revenue growth of nearly $US90 billion for Q4. However, EPS is still forecast to climb, with earnings tipped to rise more than 8% to $1.39 per share. Bloomberg data suggests the topline will be supported by growth in services revenue, with only modest sales growth projected for iPhones and negative growth in the iPad and Mac products.
Based on Bloomberg’s aggregated financial estimates, analysts are expecting robust growth from Apple going forward. Consensus forecasts suggest Apple’s Q1 EPS guidance ought to lift to $2.09, driven by strong iPhone, Mac, and Wearables revenues. As is typically the case for the company, the outlook will depend on the performance of key growth markets like China, which is forecast to drag on future earnings, as well as the success of recently launched products like the iPhone 15.
What is your sentiment on AAPL?
Source: BloombergBroker recommendations and consensus price target
Buy | Hold | Sell | Consensus Price Target |
34 | 16 | 3 | $200.34 |
Source: Bloomberg
According to surveys conducted by Bloomberg, brokers are broadly bullish on Apple’s shares. 34 boast a “buy” rating, 16 suggest a hold, while 3 call a “sell”. The consensus price target is at a meaningful premium to current market prices at $200.34.
Apple Inc. share price: technical analysis
On the daily charts, Apple shares appear to be in a downtrend, with the stock carving out lower highs and higher lows. Momentum appears skewed to the downside as the share price trades below the 200-DMA and the RSI trends lower.
Past performance is not a reliable indicator of future results
On the weekly charts, Apple’s long-term trend is more bullish. The share price is carving out a falling wedge, which technical analysts consider a continuation pattern.
Past performance is not a reliable indicator of future results
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