Goldman Sachs expects Apple Inc. (NASDAQ:AAPL) to beat analyst expectations when it reports third-quarter earnings after Thursday's closing bell.
The tech giant should exceed Wall Street consensus of $1.33 earnings per share (EPS) by 3 cents on Thursday, according to Goldman Sachs analyst Michael Ng. He predicted revenue for the quarter to come in at $85.1 billion, up 4% from $81.8 billion in revenue posted a year ago.
"While Apple's iPad market share has lagged in recent quarters relative to history, we expect the recently announced new iPad models (May 7) should benefit market share in F3Q24," he wrote in a note.
"The new iPad models represented the first new iPads since October 2022."
Goldman Sachs maintains a Buy rating on Apple because it believes the company's focus on slower product revenue growth does not reflect its growth in services and product innovation, Ng said.
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"The majority of gross profit growth over the next five years should be driven by services, which should mark an inflection point in the services investment narrative," he wrote.
"The durability of Apple's installed base and the resulting revenue growth visibility from attaching more services and products is what underpins the recurring revenue — or Apple-as-a-Service — opportunity."
But Apple is exposed to downside risks such as weakening consumer demand for products and services, supply chain disruption and growing competition, Ng said.
"Although Apple is the largest company and the most well resourced among its competitors, it is not the market leader in every single business line," he wrote. "For instance, in video streaming, it faces several key competitors that invest more heavily than Apple in content."
Price Action: Apple was down 0.3% to $217.54 at the time of publication Tuesday.
The decline in Apple shares also impacted related ETFs:
- T-Rex 2X Long Apple Daily Target ETF (BATS:AAPX) slipped 1.51%.
- Direxion Daily AAPL Bull 2X Shares (NASADQ: AAPU) fell 1.94%
- Fidelity MSCI Information Technology Index ETF (NYSE:FTEC) declined 1.51%.
- Vanguard Information Technology ETF (NYSE:VGT) dropped 2.59%
- IShares U.S. Technology ETF (NYSE:IYW) lost 2.62%
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高盛预计，苹果公司（纳斯达克：AAPL）将在周四收盘后公布第三季度业绩时超过分析师预期。
根据高盛分析师迈克尔·吴的预测，这家科技巨头应该在星期四超过华尔街对每股收益（EPS）1.33美元的共识值，达到1.36美元。他预测本季度营业收入将达到851亿美元，比一年前的818亿美元增加4％。
他在一份备忘录中写道：“虽然苹果的iPad市场份额在近几个季度相对于历史水平有所下滑，但我们预计最近宣布的新iPad型号（5月7日）将有助于F3Q24的市场份额。”
“这些新iPad型号是自2022年10月以来的第一批新iPad。”
高盛维持对苹果的买入评级，因为它认为公司对慢速产品收入增长的关注并未反映其在服务和产品创新方面的增长，迈克尔·吴说。
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他写道：“在未来五年中，大部分毛利增长将由服务驱动，这将标志一种服务投资叙述的转折点。”
“苹果已安装基础的持久性和由此产生的收入增长前景，是连接更多服务和产品的可重复收入──或以苹果为服务的机会所依据的。”
但吴表示，苹果面临下行风险，例如消费者对产品和服务需求下降、供应链中断以及竞争加剧等。
他写道：“尽管苹果是其中最大和最有资源的公司，但在每一条业务线中都不是市场领先者。例如，在视频流媒体领域，它面临着一些比苹果更加重视内容的关键竞争对手。”
价格动态：在周二发布时，苹果下跌0.3％至217.54美元。
苹果股价下跌也影响到所属etf：
- t-Rex 2倍多头苹果日标普500etf（BATS：AAPX）下跌了1.51％。
- Direxion Daily AAPL Bull 2倍股票（NASADQ：AAPU）下跌了1.94％。
- Fidelity MSCI信息技术指数ETF（NYSE:FTEC）下跌了1.51％。
- Vanguard信息技术ETF（NYSE：VGT）下跌2.59％。
- iShares美国科技ETF（NYSE：IYW）下跌2.62％。
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