Apple's fourth quarter ended in September, and will only include a few days of iPhone 13 sales, so analysts shouldn't draw firm conclusions about the strength of Apple's new product cycle from earnings. But company officials may offer some color about demand.
But Wall Street's estimates suggest that Apple's sales will grow over 31.1% versus the same period last year, continuing its hot streak of growth. In July, Apple CEO Tim Cook said that he was paying more for freight than he wanted to, and the company said that industry-wide supply issues would start to affect sales of its most important product, the iPhone. Many Apple products, including iPhone 13 models and Apple Watches, are backordered on its online store.
In the most recent quarter, services revenue grew 33%, after 27% growth in Q2 and 24% growth in Q1, higher than the mid-teens growth rates in previous years. If Apple's services business continues to grow at a similar rate, it could prompt investors to value the stock more highly, analysts say.