Apple shares keep roaring higher, buoyed by talk of momentum for the company’s new iPhones and services offerings as well as indications that the smartphone giant might be on a better trajectory in China.
The stock notched yet another record high by Friday, and it’s by far the best performer in the Dow Jones Industrial Average.
Consensus estimates among analysts, however, don’t back up the enthusiasm about Apple’s fiscal fourth-quarter report, scheduled for Wednesday afternoon.
Analysts surveyed by FactSet see the company posting revenue of $63 billion, nearly flat from $62.9 billion a year ago. The report will cap off a fiscal year in which Apple’s earnings and revenue are both expected to decline from a year earlier, which has happened at Apple only once since 2001.
The fiscal fourth-quarter numbers will only contain a little more than a week’s worth of iPhone 11 sales, so the big test for Apple is in its outlook, which should show how the company expects its devices to perform over the holidays.
Analysts are calling for a December-quarter sales bump over last year, but overall estimates haven’t budged for the period since the end of July.