Liveblog: Apple’s surprising Q3 earnings report

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Q3 is usually Apple's weakest quarter.
Q3 is usually Apple's weakest quarter.
Photo: Ste Smith/Cult of Mac

All eyes are on Apple this afternoon as the company is set to report its Q3 2016 earnings and Wall Street isn’t expecting anything great.

Apple CEO Tim Cook warned in March that the company will post declining revenues compared to a year ago, but with iPhone sales on the decline as customers wait to upgrade to the iPhone 7, the numbers could be a bit lower than investors are hoping for.

Today’s earnings call for Q3 2016 is set to kick off at 2 p.m. Pacific, when analysts from the top firms around the world will have a chance to ask Tim Cook and CFO Luca Maestri whether iPhone sales have finally bottomed out, or if things are still going to get worse before they get better.

Get in on the action below:

What to expect from Apple’s Q3 2016 earnings

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Tim Cook
Have iPhone sales finally bottomed out?
Photo: Jim Merithew/Cult of Mac

Apple is set to reveal its quarterly earnings this afternoon for the third fiscal quarter of 2016 and if the analysts are right, it could be even worse than Apple’s last disastrous quarter.

Investors were advised by Apple during the last earnings call that revenue will likely be down from what it was in the same quarter last year. Apple is hoping it can get a boost from the iPhone SE and the App Store to stay within expectations, however troubles in China and low iPhone demand could hurt the company more than expected.

Here’s what to watch for when Tim Cook and Luca Maestri talk to investors later this afternoon:

Liveblog: Apple’s toughest earnings call in a decade

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Earnings_Call_2
How bad is peak iPhone?
Photo: Ste Smith

Apple earnings calls are usually a time for celebration and gloating, but for the first time in over a decade the company is poised to post declining profits.

Tim Cook warned Wall Street that this would likely happen due to declining iPhone sales. Have we really reached “peak iPhone”?

Analysts and reporters will be grilling Cook and Apple CFO Luca Maestri during today’s Q2 2016 earnings call. Investors will be looking for signs that Apple still has room to grow. And Cult of Mac will be right here, liveblogging the entire Apple earnings call — and translating the financial gibberish — when the big event starts at 2 p.m. Pacific.

Get in on the action below:

iPhone sales slump breaks Apple’s 13-year growth streak

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Q3 is usually Apple's weakest quarter.
Investors just got some bad news.
Photo: Ste Smith/Cult of Mac

Apple’s phenomenal run of growing profits has come to an end. For the first time in 13 years, Apple announced that its profits declined year-over-year during the last fiscal quarter.

The company just posted its earnings report for Q2 2016 and, as predicted, iPhone sales took a serious hit. Apple only shipped 51.6 million devices last quarter, resulting in $50.6 billion in total revenue and a quarterly net income of $10.5 billion.

Apple CEO Tim Cook admitted the company had a challenging quarter but is still incredibly optimistic, despite what many analysts are calling “peak iPhone.”

iPhone 7 demand predicted to be ‘remarkably high’

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Apple iPhone 6s
The iPhone 7's reception will be anything but frosty.
Photo: Ste Smith/Cult of Mac

Forget about the “peak iPhone” problem: Goldman Sachs thinks this year’s iPhone 7 is going to be a big one for Apple.

Coming off the back of Apple selling its billionth iPhone sometime this summer, the bank’s senior equity research analyst Simona Jankowski says the number of people clamoring to get their hands on Apple’s next-gen iPhone will be “remarkably high.”