Apple to release fiscal third-quarter earnings statement after market close.

• Apple reports fiscal third-quarter earnings after the bell.
• According to Barclays analyst Tim Long, the main focus this year won't be on Apple's earnings, but rather on what the company says about the September quarter, which is already almost complete.

The third quarter, ending in June, is typically the company's slowest quarter in terms of sales.

According to Barclays analyst Tim Long, the main event this year won't be Apple's earnings, but rather what the company reveals about the September quarter, which is already nearly one-third over.

According to LSEG consensus estimates, Wall Street anticipates the following from Apple.

• Earnings per share: $1.35
• Revenue: $84.53 billion
• Q4 revenue guidance: $93.39 billion

Here are estimates for Apple's major product lines, according to StreetAccount:

• iPhone revenue: $38.64 billion
• Mac revenue: $7.04 billion
• iPad revenue: $6.61 billion
• Wearables, Home and Accessories revenue: $7.83 billion
• Services revenue: $24.05 billion

Apple releases data points indicating the performance of the September quarter, even though the company does not offer official guidance. Typically, the company releases new iPhones in September, but the revenues from these devices are usually recognized in the December quarter.

The September quarter is showing a more optimistic outlook after two years with minimal upward estimate revisions, as stated in a note by Long last month.

Apple CEO Tim Cook will discuss Apple Intelligence, the company's long-awaited artificial intelligence play that utilizes its own chips in servers and devices rather than relying on expensive cloud-based computers.

Apple unveiled Apple Intelligence in June, and a preview version of some features was released earlier this week. Although it may not significantly impact Apple's financials at this time, it could potentially drive demand for high-end iPhone 15 models that can utilize the service, according to Long.

Apple's capital expenditures have been increasing rapidly, but its strategy of using its own chips in servers may be a more cost-effective approach compared to its rivals.

In July, Raymond James analyst Srini Pajjuri wrote that Edge AI is in its early stages, has lower capital expenditure needs, and provides faster monetization potential through consumer hardware upgrades, making Apple stock particularly attractive.

Samik Chatterjee, a JPMorgan analyst, anticipates that Apple will inform investors of a better-than-expected revenue during the upcoming iPhone replacement cycle, driven by AI. He increased his price target on the stock to $265 and maintains an overweight rating.

Chatterjee wrote that the revenue upside is likely to drive expectations for EPS upside, which may lead to consensus revisions for full-year earnings and ease investor concerns about a premium valuation multiple.

In the fiscal third quarter, Apple anticipates moderate overall growth, with a notable "double-digit" increase in iPad sales, resulting from the launch of new iPad models in May. Additionally, the company predicts a 14% increase in its profitable Services division, which encompasses a range of products including iCloud subscriptions and hardware warranties.

Wamsi Mohan, a Bank of America Securities analyst, stated that Apple's China performance will be closely monitored after the company's sales decreased by 8% annually in the second quarter due to increased competition from native companies such as Huawei.

Despite the increase in aggressive promotion during the 618 shopping holiday, Apple's sales decreased while the Android market grew in China, according to market estimates from IDC, as stated by Citi analyst Atif Malik in a July note.