Something big will be missing from Apple's earnings tonight

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Apple's quarterly earnings announcement Thursday afternoon will look different than in past years: The report won't include the new iPhone 12, Apple's highly anticipated, first ever 5G smartphone.

Typically, the September quarter's results include the first few days of sales for the newest iPhone. Last year, the iPhone 11 hit shelves on September 20, 10 days before the end of the quarter. That meant the September quarterly sales numbers provided a preview — albeit a relatively small one — of how strong demand for the new device was immediately following the launch.

Investor interest in iPhone 12 performance is likely to be especially high this year, given expectations that the device could be a game changing product that drives a"supercycle" of upgrades. Though early sales of the iPhone 12 won't be included in Thursday's quarterly revenue report, analysts have indicated that early demand for the new smartphone is strong.

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