Apple (AAPL) will report fourth quarter earnings tonight after the close. The company will hold a conference call tonight at 17:00 ET.

Q4 Capital IQ consensus calls for EPS of $1.27 (versus $1.24 last year) on revenue of +6% yr/yr to $88.7 bln.

The Street is Expecting:

Q4 gross margins of 42.3% versus 42.2% last year.
Q4 iPhone revenue to be $43.4 bln vs. $38.9 bln last year,
Mac revenue to be $9.4 bln vs. $9.2 bln last year,
iPad revenue to be $7.8 bln vs. $8.3 bln last year,
Wearables revenue to be $9.0 bln vs. $8.8 bln last year,
Services revenue to be $20.4 bln vs. $18.3 bln last year.

Apple has not provided exact revenue guidance since the pandemic began.

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TECHS:

AAPL beat on EPS three out of the last four quarters.

AAPL has a $2.41 trillion valuation and currently trades at 24x FY22 earnings.

Based on the weekly AAPL Weekly Oct29 $147 straddle, the options market is currently pricing in a move of ~5% in either direction by weekly expiration (Friday).

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