One of Wall Street's favourite blue-chip companies is scheduled to report its quarterly performance next and traders' anticipation is unsurprisingly building up. Apple is expected to deliver its earnings report tomorrow after the market close, which means that its impact would be reflected on Thursday's open.
According to the consensus forecasts, Apple is projected to report Earnings Per Share of $1.39 for the three months leading to December. If realised, this would be the company's best performance, surpassing the previous EPS record of $1.25 in Q4 of 2019. Unsurprisingly, such a performance during a global pandemic would likely be perceived as a potential catalyst for continued price appreciation.
One of the most important metrics to watch for in Apple's report is services revenue. The Silicon Valley giant has been attempting to diversify its revenue streams for more than a year now, which is why the revenue from services, such as iTunes, Apple TV+, and Apple podcasts, is so important for the company, which strives to become less dependent on sales generated mostly from products.
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