Apple 3.0 Earnings Smackdown: Final spreadsheet Q2 2020

Exclusive: The analysts have placed their bets in advance of today’s March quarter results. The fun starts at 4:30 p.m. Eastern.

First the summary:

Apple earnings smackdown final q2 2020

Click to enlarge.

Below: The individual analysts’ estimates—as complete, accurate and up-to-date as I can make them. Wall Street professionals in blue, independents in green. Corrections (and filled-in blanks) appreciated, but the window closes at 12 p.m.

Tune in after the markets close today for Apple’s results. I’ll be auditing the call, and you can too. Here’s the webcast link. Come back Friday morning for my regular post-earnings analysis: Five easy charts, Best and worst analysts and What the analysts are saying.

8 Comments

  1. Jacob Feenstra said:
    For those who have forgotten and are curious: Apple had earlier predicted revenue between $63 and $67 billion, gross margin between 38% and 39%, operating expenses between $9.6 and $9.7 billion, $250 million of other income, and a tax rate of 16.5%.

    I’d be happy to see revenue around $55 billion, but I would be surprised. In any case, it’s all about the Q3 guidance. And I hope and expect that they give guidance, however careful.

    1
    April 30, 2020
    • Aaron Belich said:
      I’m remaining optimistic that revenue did not fall below $60 billion.

      0
      April 30, 2020
  2. Dan Scropos said:
    I’ll go with revenue of $58.5 billion. Their business was definitely interrupted but I think it’s largely made up of folks relatively unaffected by the job losses. I also believe there are a few tailwinds built into the quarter, namely Services. But the past is over, so today is all about the guidance, or lack thereof.

    2
    April 30, 2020
    • Dan Scropos said:
      $58.3 billion in revenue. Solid results. Pretty much what I expected.

      1
      April 30, 2020
    • Bart Yee said:
      You called pretty accurately.
      Didvidend increased modestly 6.5% to $0.82/quarter. A modest authorization of $50B for repurchases, probably done to conserve some cash. If recovery happens, the board can always allocate more.

      0
      April 30, 2020
  3. Rodney Avilla said:
    After hours market changes will be a knee jerk reaction to revenues. Tomorrow’s changes will be after reflection on all the numbers, mostly on guidance, if given.

    0
    April 30, 2020
  4. Paul Brindze said:
    I notice that some of the strongest long term bull professional analysts (eg. Evercore, Wedbush) have the lowest current quarter total revenue. If accurate, short term dip/buying opportunity? (Also recent run-up doesn’t bode well short term).

    0
    April 30, 2020
    • Aaron Belich said:
      Eh, Ives has been all over the place on Philip’s scoring cards.

      Take em with a grain of salt.

      In the end, all that matters are Apple’s numbers.

      0
      April 30, 2020

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