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Apple is about to reveal its confidence in the next iPhone launch

Investors have “extremely low” expectations.

Annual Allen And Co. Investors Meeting Draws CEO's And Business Leaders To Sun Valley, Idaho Photo by Drew Angerer/Getty Images

When Apple reports its June quarter results today, it’s expected to post its second straight quarterly revenue decline.

Specifically, analysts project Apple will report about $42 billion in revenue — down about 15 percent year over year — on about 40 million iPhone shipments.

Likely more interesting will be its forecast for the current September quarter, which is when it’s expected to launch its latest iPhone.

The iPhone business typically represents about two thirds of Apple’s overall sales. So any unusually strong or weak expectations for the launch — supply, demand, etc. — should show up in Apple’s projections.

Right now, analysts expect Apple to project September quarter sales around $46 billion. That would represent a roughly 11 percent year-over-year revenue decline.

If Apple’s projections are significantly higher than that — approaching $50 billion at the midpoint — it would imply a stronger-than-expected launch. That would be welcome news to investors, who have — in the words of Piper Jaffray analyst Gene Munster — “extremely low” expectations for the next iPhone.

(And, of course, anything much lower would be cause for concern.)

This article originally appeared on Recode.net.

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