Apple (AAPL) will report fourth quarter earnings tonight after the close. There is a conference call scheduled for 17:00 ET. Will AAPL provide exact Q4 guidance which it has refrained from doing since the pandemic began?

Q4 Capital IQ consensus calls for EPS of $1.24 (versus $0.65 last year) on revenue of $85.0 bln (+31% yr/yr). Q1 Capital IQ consensus calls for revenues of $119.2 bln (+6.5% yr/yr).

The iPhone 13 was released on September 24 this year, which was the tail end of the fourth quarter.

The Street is expecting Q4 iPhone revenue of $41.7 bln vs. $26.4 bln last year; Q4 iPad revenue of $7.5 bln vs. $6.8 bln last year; Q4 wearables revenue of $9.4 bln vs. $7.9 bln last year; services revenue of $18.3 bln vs $14.5 bln last year; Mac revenue of $9.6 bln vs. $9.0 bln last year. The Street is expecting Q4 gross margins of 41.9% versus 38.2% last year. Q1 gross margins are expected to be 40.4% versus 39.8% last year.

TECHS:

Apples has not missed EPS or revenues in several quarters. In Q1, Apple performed very well across its bevy of offerings with strong double-digit growth despite supply constraints in several product categories.

AAPL has a $2.25 trillion valuation and currently trades at 30 times FY21 earnings.

Based on the weekly AAPL Weekly Oct29 $151 straddle, the options market is currently pricing in a move of ~8% 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).

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