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Analysts predict Q3 Apple revenue of between $49 and $55 billion

iPhone event
iPhone event (Image credit: Apple)

What you need to know

  • Apple will hold its Q3 earnings call later today.
  • Analysts estimate earnings of between $49 and $55 billion.
  • Apple released no guidance for Q3 at its last call due to COVID-19 uncertainty.

Apple analysts predict the company could report revenue of between $49 and $55 billion at its Q3 earnings call later today.

Philip Elmer-DeWitt has posted his customary predictions of all the top Apple analysts in advance of the call. These were there predictions:

Apple Q

Apple Q (Image credit: Philip Elmer-DeWitt/Apple 3.0)

Independent analysts estimate revenue of around $53 billion, with a range of $52-$55 billion depending on the analysts.

Whilst there's a bigger range of institutional analysts, overall they predicted a lover revenue estimate of $51.9 billion, ranging from $55 to $49 billion. Morgan Stanley's Kathryn Huberty was the most bullish with a prediction of $55.09 billion, including more than $24 billion in iPhone revenue and $13 billion in services.

Apple didn't give any Q3 earnings guidance at its last investor's call, but did offer some hints:

In the earnings call yesterday, Tim Cook said that Apple would not issue guidance for the coming quarter "given the lack of visibility and uncertainty in the near-term." He did note however that further ahead, Apple had a "high degree of confidence in the enduring strength of our business." He also noted that Apple's supply chain is "profoundly durable and resilient."

Notably, Apple expects iPhone and wearables performance to worsen in this quarter, but for Mac and iPad revenue to improve.

Apple's Q3 earnings call will take place later today, July 30 at 2 pm Pacific Time / 5 pm Eastern Time.

Despite antitrust scrutiny yesterday, AAPL shares rose nearly 2% to $380, however, are down slightly in pre-market trading.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple.