The world’s biggest company is reporting earnings this Tuesday for Q1 2020 (the fiscal quarter ending December 31st 2019) and the consensus forecast project a very solid performance by the leader in the tech world.
The market estimations project the company’s Earnings Per Share to reach $4.54, which would surpass the previous record at $4.18, which was recorded for the same quarter a year ago.
The ultimate success of the report depends mostly on the sales of the new iPhone 11, which was introduced to the market in the fall of 2019.
Initially, market experts though that the newest addition to the iPhone family could suffer from low customer interest as Apple is scheduled to release a new 5G phone later in 2020, which might cause people to wait and purchase it instead of the iPhone 11.
Nevertheless, those opinions have since changed because of iPhone 11’s lower starting price.
Therefore, if the report does deliver on these early projections, Apple’s share price is more than likely to once again break out above the minor support level at 317.06 (currently acting as a momentary resistance level) and afterwards surpass the current record at 323.33.
Apple 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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