Apple (AAPL) will report its second quarter earnings after the bell on Thursday, as Wall Street braces for what has the potential to be a sizable drop in iPhone sales out of China. According to Counterpoint Research, iPhone sales fell 19% in the quarter, while rival Huawei continued to regain its footing after the US attempted to kneecap the company by keeping it from accessing US chips in 2019.
The anticipated pullback in iPhone shipments follows back-to-back quarters of revenue declines out of Greater China, one of Apple’s most important sales regions. For Q2, revenue is set to drop 28% year over year.
Shares of Apple are off some 5% year to date and roughly flat over the last 12 months. Shares of Big Tech rivals like Microsoft and Google, meanwhile, are up 25% and 37% over the last year, respectively.
For the quarter, Apple is expected to report earnings per share (EPS) of $1.50 on…
