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.
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:
Apple’s Q2 2016 earnings have been disasterous for the company’s share price, as AAPL stock suffered its worst week in three years.
Wall Street has suddenly soured on Apple, including Carl Icahn, who revealed earlier this week that he dumped all of his shares. With investors offloading shares, the company watched its market capitalization shrink by $65 billion in a mere three days, which is about the equivalent of Cambondia’s net wealth.
Apple’s biggest cheerleader on Wall Street, Carl Icahn, is getting rid of all of his AAPL shares after the iPhone-maker reported its first year-over-year decline in revenues for the first time in 13 years.
The iconic investors has insisted for years that Apple shares are grossly undervalued and has made over $3.4 billion investing in Apple. Now Carl is throwing in the towel even though he still thinks the stock is ridiculously cheap.