Apple will report its third quarter earnings tonight after the close of trading.

The company is expected to report earnings per share of $1.20, which is in line with last year's earnings. Revenue is expected to be $81.8 billion, which is a decrease of 1.4% from last year.

The company has provided some guidance for the upcoming quarter. It expects June quarter revenue performance to be similar to the March quarter. Foreign exchange will have a negative impact of 4%.

Services revenue growth is expected to be similar to the March quarter.

TECHS:

Apple has a market capitalization of $3.02 trillion and currently trades at 32 times fiscal year 2023 earnings.

The options market is pricing in a move of about 4% in either direction by the weekly expiration date on Friday, August 4.

This is based on the weekly AAPL Weekly Aug04 $192 straddle.

Some suppliers to keep an eye on include:

  • SWKS (Skyworks Solutions)

  • CRUS (Analog Devices)

  • AVGO (Broadcom)

  • QRVO (Qorvo)

  • TSM (Taiwan Semiconductor Manufacturing Company)

  • QCOM (Qualcomm)

  • SSNLF (Summit Electronics)

  • LPL (Lam Research)

  • LITE (LiteOn Technology)

These suppliers are all exposed to Apple's business and could see their share prices move in tandem with Apple's stock price.

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