Citing the strength of iPad and iPhone demand, one Wall Street analyst Friday increased his estimate of Apple’s second quarter earnings. The Cupertino, Calif. company will likely announce $24.42 billion in quarterly earnings, up from a previously projected $24.42 billion, according to J.P. Morgan.
Analyst Mark Moskowitz told investors he foresees Apple selling 18.4 million iPhones, up from 16.6 million. He however slightly trimmed his expectations for iPad 2 sales to 5.4 million units, down from 6 million. Moskowitz concerns about the iPad 2 were “timing related and not structural,” citing a “temporary stall-out of shipments.” The analyst recently announced Apple held an “insurmountable lead” in the tablet market and the iPad 2 could burst the bubble of rivals trying to catch up.