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Apple earnings: Everyone’s expecting a boring, normal report

Will Tim Cook say anything new about the future?

Apple Worldwide Developers Conference Kicks Off In San Francisco With CEO Tim Cook Andrew Burton / Getty

Now that Apple isn’t growing very much anymore — but isn’t really shrinking anymore, either — investors are getting used to steady, usual, somewhat boring earnings reports from the company.

Especially in quarters, like the one Apple will report today, that don’t include a new iPhone launch or the Christmas shopping season.

Investors will be much more focused this time on any subtle hints around this year’s forthcoming iPhone (8? X?) launch — expected to be a big one — and any major future growth drivers, such as AR, cars, etc. And perhaps any updates on what Apple plans to do with its massive cash pile, now around $250 billion.

“Apple earnings likely a non-event” reads the report from former longtime Piper Jaffray analyst Gene Munster, who still covers the company for Loup Ventures, his VC firm.

“We expect broadly inline results ... with likely modest upside,” writes RBC analyst Amit Daryanani.

“In reality, near-term expectations surrounding AAPL do not seem too lofty,” writes Above Avalon’s Neil Cybart, despite Apple’s shares trading near all-time highs.

You get the picture.

The numbers to watch:

  • March quarter iPhone shipments: ~52 million (implies ~1.5 percent year-over-year growth)
  • March quarter revenue: ~$53 billion consensus (implies 4.8 percent year-over-year growth)
  • June quarter revenue guidance: $45-46 billion (implies ~7-8 percent year-over-year growth)

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