Handicapping Apple’s earnings: Q3 and Q4 2020

Apple gave analysts no guidance last quarter—as they probably won’t again this quarter—so the analysts’ best guesses is the best we have.

Among the estimates I’ve seen so far, nobody is expecting Apple to beat last year’s earnings.

Apple handicapping q3 q4 2020
Click to enlarge. The pickings are slim from the indies this quarter. Updates and corrections appreciated. Full spreadsheet tomorrow.

We’ll see whose estimates were closest to the mark when Apple reports its June quarter earnings after the markets close on Thursday. The earnings call with analysts will be live-streamed here at 5 p.m. ET, 2 p.m PT.

My take: If everybody weren’t in the same plague-infected boat, this would be a dreadful showing.


  1. Dan Scropos said:
    Many of the analyst estimates look ridiculous to me. iPhone and Services will surprise (them, not me). Apple should land slightly both of $56 billion in revenue tomorrow.

    July 29, 2020
    • Dan Scropos said:
      As I said, many of those estimates were absolutely ridiculous. Apple proved that today.

      July 30, 2020
  2. Bart Yee said:
    I submitted my numbers late (very early July 30) so if they don’t show up on PED’s spreadsheet, here they are:
    Bartley Yee, FOTB
    Reported Revenue $54.62
    EPS $2.176
    iPhones $23.39
    Services $13.52
    iPads $5.07
    Mac $5.65
    Wearables $6.34
    Total Rev $56.14 Excl. ForEx effects.

    Apple Q3 2019 $53.81 $2.18 $25.99 $11.46 $5.02 $5.82 $5.53

    July 30, 2020
  3. Bart Yee said:
    I’m projecting Apple bought 60.5M shares at an average price of $310 last quarter expending $18.75B of the 90B they had authorized by end of Quarter, or about 21% of authorization. However, I wouldn’t be surprised if they bought upwards of 70M shares total spending about $21.5B at ~$308/share. Expecting Apple bought 35-37M shares in April 2020, and the rest split between May and June.

    July 30, 2020

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