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Garnry: Why Apple's Q1 earnings may be the most important in years

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When Apple reports its quarterly earnings on Tuesday, it may disappoint the markets and report negative earnings per share for the first time since 2003, says Saxo Bank's Peter Garnry.

Apple is reporting results for the fiscal first quarter, which ended December 31, and analysts expect revenues of USD 76.6 billion and earnings per share at USD 3.23, up 2.7% and 5.6% y/y respectively.

Despite strong fundamentals, Apple’s outlook isn’t offering much in terms of hope, Garnry says. The company is relying to heavily on flattening iPhone sales without much to show for in terms of performance from either the Apple watch or its music streaming service, he adds.

After being positive on Apple as an investment, Garnry is now negative on the stock and says it will take a new must-have product from tech giant to turn his sentiment around.