Apple Q4 Earnings Preview: Wall Street Sees AI Fueling iPhone Demand in 2024

The article discusses Wall Street analysts’ expectations for Apple’s fourth-quarter earnings and their outlook for the company’s performance in 2024, driven by anticipated demand for AI-powered iPhones. Key points include: Analysts expect Apple to report solid Q4 results, with revenue of $90.8 billion and earnings per share of $1.27. However, the focus is on 2024, when Apple is expected to release iPhones with AI capabilities, potentially driving a ‘super cycle’ of upgrades. Analysts believe AI features like improved cameras, longer battery life, and enhanced augmented reality could spur iPhone demand. The article cites Morgan Stanley’s projection of a 242 million iPhone unit sales in 2024, up from an estimated 238 million in 2023. Analysts also anticipate Apple’s services business, including Apple TV+, to continue growing steadily. Overall, Wall Street is optimistic about Apple’s prospects, with AI seen as a key driver of future growth.

Source: https://markets.businessinsider.com/news/stocks/apple-q4-earnings-preview-wall-street-ai-fuels-iphone-demand-2024-10