If The Trend Is Apple’s Friend, Investors Might Watch For Earnings

If The Trend Is Apple’s Friend, Investors Might Watch For Earnings

An old phrase on Wall Street goes, "The trend is your friend." If that's true, analysts are mostly counting on Apple (AAPL) delivering another quarter of double-digit earnings growth when the Technology giant reports fiscal Q3 results next week. For those keeping score, AAPL has wowed analysts with solid double-digit results the last two quarters and three of the last four. In its fiscal Q2 alone, AAPL handily beat Wall Street's expectations with a $23. 6 billion profit on revenues that surged 54% to $89. 6 billion. iPhone revenue in fiscal Q2 surged 65. 5% to $47. 94 billion, beating estimates on Wall Street by about $6 billion. That's got some analysts predicting a record-setting year in which net profit could eclipse $70 billion, nearly a third higher than last year's, according to some estimates. Granted, going into fiscal Q2 earnings back in April, Wall Street had little question AAPL would surpass the somewhat muted year-ago results when COVID-19 in China had hurt supply and demand. APPL then reported a whopping $1. 40 per share in earnings in the most recent quarter, compared with this quarter's consensus of $1 per share. Talk about setting the bar high. FIGURE 1: COMEBACK