Apple(US:AAPL) 美股研究社·2025-04-29 11:11Core Viewpoint - Apple Inc. is expected to report better-than-expected performance for its second fiscal quarter, driven by strong iPhone and Mac shipments, as well as resilient gross margins [4]. Group 1: Earnings Forecasts - Morgan Stanley and JPMorgan both predict that Apple's revenue and earnings per share (EPS) for the March quarter will exceed market expectations, benefiting from easing unfavorable exchange rates and preemptive channel stocking ahead of potential tariff increases [5]. - JPMorgan has raised its revenue forecast for Apple's second fiscal quarter to $95.8 billion and EPS to $1.66, surpassing market consensus of $94.2 billion and $1.61 [5]. - Morgan Stanley anticipates revenue of $95.7 billion and EPS of $1.64, citing strong iPhone sales, a weaker dollar, and a 12% year-over-year growth in services [6]. Group 2: Shipment Expectations - Morgan Stanley has increased its forecast for iPhone shipments from 51 million units to 54 million units, along with raising expectations for Mac and iPad shipments [6]. Group 3: Market Sentiment and Risks - Current investor sentiment reflects concerns over weak demand and tariff-related cost pressures, but recent strong performance is attributed to preemptive purchasing behavior by consumers and channel partners in anticipation of price increases [5]. - Key uncertainties remain, including tariff policies, performance in the Chinese market, AI development progress, iPhone growth momentum, and regulatory risks, which may not be significantly addressed in the upcoming earnings call [7].