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Analysts expect modest growth in today’s AAPL Q3 2024 earnings report

AAPL Q3 2024 earnings will be revealed by the company later today, and Wall Street expects the company to report modest year-on-year sales growth of 2.3%.

As is now standard, Apple didn’t offer any official revenue guidance for the quarter, but it did reveal back in May some of the things it expected …

Apple’s expectations

Apple said during the Q2 earnings call that it was expecting big things from iPad and, as usual, Services.

We expect our Services business to grow double digits at a rate similar to the growth we reported for the first half of the fiscal year. And we expect iPad revenue to grow double digits. We expect gross margin to be between 45.5% and 46.5%. We expect operating expenses to be between $14.3 billion and $14.5 billion. We expect other income and expenses to be around $50 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.

AAPL Q3 2024 analyst expectations

A round-up of analyst expectations shows quite a mixed view of likely sales in the April to June period, ranging from a low of $76.66B – essentially the same as last year – to a high of $82.12B.

The average prediction is $76.66B, which would be 2.3% up on the same quarter last year.

Analysts also expect an increase in earnings per share, from $1.18 last year to $1.24 this year.

MarketBeat data shows most are cautiously optimistic about the future of the stock, expecting around a 4% rise to $230.97 over the $222.08 at the time of writing.

Based on 35 Wall Street analysts who have issued ratings for Apple in the last 12 months, the stock has a consensus rating of “Moderate Buy.” Out of the 35 analysts, 1 has given a sell rating, 9 have given a hold rating, 24 have given a buy rating, and 1 has given a strong buy rating for AAPL.

Apple Intelligence expectations are key here, and the overall impression is that the market is not quite sure how to factor this in.

We’ll of course be bringing you full details of today’s earning’s announcement.

Photo by Jakub Żerdzicki on Unsplash

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Avatar for Ben Lovejoy Ben Lovejoy

Ben Lovejoy is a British technology writer and EU Editor for 9to5Mac. He’s known for his op-eds and diary pieces, exploring his experience of Apple products over time, for a more rounded review. He also writes fiction, with two technothriller novels, a couple of SF shorts and a rom-com!


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