Apple (AAPL) to Report Q2 Earnings on April 30

Apple AAPL will report the Q2, 2020 earnings results on Thursday, April 30. The company announced in Q1 2020, covering the period from October 1 to December 28, 2019. The company reported Q1 revenue of $91.8 billion, 9% higher than the same quarter the previous year. The earnings per share came in at $4.99 a record high, and 19% higher (YoY). The main driver of the record revenue was the strong sales from iPhone 11 and iPhone 11 Pro models, and strong demand for Services and Wearables.

Apple Q2 Earnings Preview

Apple projected for the second quarter, revenues between $63.0 billion and $67.0 billion, other income/(expense) of $250 million. The tax rate is expected at 16.5%. Apple has warned that will miss the revenue guidance amid the coronavirus outbreak that hit the supply chain and the retail sales in China. The iPhone sales for January in China dropped 28% from December. The company sold about 494,000 iPhones during February, a 61% drop from 1.3 million in 2019. 

Analysts expect between $2.10 and $2.27 earnings per share with the lowest estimate at $1.73. The market consensus is for 454.6 billion well below the company’s guidance of $63 billion with the lower estimate at $45.58 billion. 

Download our Q2 Market Global Market Outlook

Apple Technical Analysis

Apple is trading 0.46% lower today at $281.80 trapped between the 50 and 100-day moving averages. Apple stock lost over 33% during the coronavirus crisis sell-off in March. APPL stock managed to recover from the March lows adding over 32% and breached above the 200-day moving average in just one week. The momentum accelerated as the risk appetite returned to markets after the fiscal and monetary measures by governments and central banks around the globe. The momentum is positive for the stock as long as the price holds above the 50-day moving average.

On the upside first resistance for Apple stock stands at $284.54 the daily top. The 100-day moving average at $286.40 is the next critical resistance. If the bullish breakout continues, then the next target would be $299.28 the high from March 5.

On the other hand, immediate support will be met at $279.95 the daily low. If sellers manage to break that level, then the next support stands at $265.59 the low from April 21. More bids might emerge at $256.65 the 200-day moving average.

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