Apple (AAPL) is expected to announce its Q2 earnings report for March today after the market closes.

The Capital IQ consensus forecasts Q2 earnings per share of $1.43, a decrease from $1.52 last year, with revenue of $92.84 billion, down 2.5% YoY.

The Street expects Q2 gross margins to be 44.2%, up from 43.8% in 2020.

Apple CEO Tim Cook recently reported that production delays in China were a significant challenge, but the problem has been resolved. He also said that the company is cutting costs and increasing hiring.

The Street Expects:

Q2 iPhone revenue to be $49.2 billion
Mac revenue at $7.7 billion
iPad revenue of $6.8 billion
Wearables revenue of $8.6 billion
Services revenue of $21.1 billion

TECHS:

This is the quarter when Apple typically updates its dividend and share repurchase program. Last year, the company's board of directors declared a cash dividend of $0.23/share, which represented a 5% increase.

AAPL currently has a $2.67 trillion valuation and trades at 28 times FY23 earnings. The options market is currently pricing in a move of approximately 4% in either direction.

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