Apple (AAPL) Earnings Q2 Preview; Beat Expected, But By How Much?

April 22, 2009 3:24 PM EDT

Apple Inc. (Nasdaq: AAPL) is up 1.7% ahead of second quarter results, due after the close. Analysts on average are looking for EPS of $1.09 and revenues of $7.96 billion.

Apple typically reports around 4:30PM ET and has beat the street consensus by an average of 21 cents per share the last three quarters. So, a beat is likely expected but due to the economic condition investors may be happy with a beat of 10 cents or more. On the guidance front, Apple is normally very conservative.

Today, Apple's exclusive partner in the U.S., AT&T (NYSE: T) announced the activation of 1.6 million iPhones in the March quarter.

Here is what a couple analyst think ahead of the results:

• AmTech's Brian Marshall sees Apple reporting Q2 GAAP EPS of $1.20, the Street high estimate. Marshall believes Apple sold about 3 million iPhone's during the quarter, with Q3 guidance of 4 million units. For Mac's, Marshall has Q2 units at about 2.2 million, with Q3 guidance of about 2.3 million. Finally, for iPod's, Marshall sees Apple reporting 10 million units for Q2 with guidance of about 10 million units for next quarter.


• Piper Jaffray analyst Gene Munster said the 1.6 million iPhone sales by AT&T for the quarter implies total iPhone units of 3.7 million in the March quarter, which is above the Street at 3.3 million. Piper maintains its Buy rating and $180 price target into the earnings.

You can track Apple earnings here or all the earnings news after the close here. StreetInsider.com Premium members can follow all the market action in real-time in our 'Full Feed'.

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• Piper Jaffray
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