Apple (AAPL) will report third quarter earnings tonight after the close. There is a conference call scheduled for 17:00 ET.

Q3 Capital IQ consensus calls for EPS of $2.07 (-4.5% yr/yr) on revenue of -3% yr/yr to $52.45 bln.

The Street is expecting Q3 gross margins to be 38.1% versus 37.6% last year.

The Street is expecting Q3 iPhone revenues -14% yr/yr to $22.0 bln, and services revenue to +14% yr/yr to $13 billion.

The key will be if the company provides guidance for Q4 and the timing of the long-awaited iPhone 12 which supports 5G connectivity.

To see a video breakdown of AAPL along with the other FAANG names reporting click the video below and fast forward to the 11:00 minute mark.

TECHS:

AAPL has a $1.62 trillion valuation and trades at 30 times FY20 earnings.

Based on the weekly AAPL Weekly Jul31 $375 straddle, the options market is currently pricing in a move of ~5% in either direction by weekly expiration (Friday).

Suppliers to keep on note include: SWKS, CRUS, AVGO, QRVO, TSM, and QCOM, among others (SMH); SSNLF, LPL (for displays) and LITE, FNSR and IIVI (for FaceID).

Apple beats by $0.51, beats on revs with double digit growth in iPads, Macs, and wearables; iPhones & services top expectations; announces 4:1 stock split  

Reports Q3 (Jun) earnings of $2.58 per share, excluding non-recurring items, $0.51 better than the S&P Capital IQ Consensus of $2.07; revenues rose 10.9% year/year to $59.69 bln vs the $52.56 bln S&P Capital IQ Consensus.Apple reports Q3 iPhone revenues +1.5% yr/yr to $26.4 bln vs $22.0 bln estimates; services revenues +14.8% yr/yr to $13.2 bln vs $13 bln ests.Apple reports Q3 iPad +22% yr/yr to $7.08 bln; reports Q3 Mac revs +31% yr/yr to $6.6 bln; wearables +16% yr/yr to $6.6 bln."Our June quarter performance was strong evidence of Apple's ability to innovate and execute during challenging times," said Luca Maestri, Apple's CFO. "The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics."The Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date, and trad

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