Apple likely to top Q3 earnings estimates, led by Mac, Services: Goldman
Scott Olson

Apple (NASDAQ:AAPL) is slated to report fiscal third-quarter results on August 3 and investment firm Goldman Sachs is expecting the tech giant to top earnings estimates, led by strength in its Mac and Services segments.
Analyst Michael Ng, who has a buy rating on Apple (AAPL) shares, is forecasting the company to earn $1.21 per share, above the $1.19 that Wall Street is expecting. He's also expecting Mac revenue to come in at $9.4B, up from a prior estimate of $9.3B and well above the Wall Street estimate of $6.3B, due to easier comparisons and the latest third-party data that shows Mac sales rose 10% year-over-year.

Additionally, Ng is expecting Services revenue of $21.8B, up 11% year-over-year, above the Wall Street forecast of $20.7B.
"Upside to our Services forecast reflects the inflection in App Store spending, per Sensor Tower, strong growth in advertising, continued content investments in AppleTV, and a more benign forex headwind relative to company guidance of -400 bps," Ng wrote in an investor note.

More on Apple

Apple: Playing Catch Up
Apple's Market Cap Is Higher Than The 100 Largest Mining Stocks Combined
Apple: Potential 'Apple GPT' Strategy