Apple (AAPL) will report its Q1 earnings after the closing bell on Thursday, giving analysts and investors their first look at the tech giant’s sales through the prior holiday season.

The report also comes after Apple missed on analysts’ revenue estimates in Q4, driven by the ongoing chip shortage.

Here’s what Wall Street is expecting from Apple in Q1, as compiled by Bloomberg, compared to how it performed in Q1 last year.

  • Revenue: $119.05 billion expected versus $111.43 billion in Q1 2021.

  • Earnings per share: $1.90 per share expected versus $1.68 in Q1 2021.

  • iPhone: $67.7 billion expected versus $65.5 billion in Q1 2021.

  • iPad: $8.1 billion expected versus $8.4 billion in Q1 2021.

  • Mac: $9.5 billion expected versus $8.6 billion in Q1 2021.

  • Wearables: $14.1 billion expected versus $12.8 billion in Q1 2021.

  • Services: $18.6 billion expected versus $15.7 billion in Q1 2021.

According to Apple, the chip shortage took a $6 billion bite out of the company’s overall Q4 revenue. That said, the iPhone maker fell just over $1 billion short of analysts’ expectations in the quarter.

Still, Goldman Sachs analyst Rod Hall wrote in a recent investor note that demand through Q1 was likely strong both in the U.S. and abroad.

“Our checks suggest that iPhone and wider product demand was likely solid in FQ1 though we note that the quarter ended on December 25 which would push typically high post-Christmas demand into FQ2,” Hall wrote.

Still, a slowdown in demand in China in Q2 could affect Apple’s current quarter.

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“Weaker December data out of China in the form of an implied 18% Y/Y unit decline for Apple and generally weaker December retail sales data in the U.S. raise questions for us related to the trajectory of demand heading into the March quarter,” he added.

But Wedbush’s Dan Ives has a more upbeat outlook on Apple’s future.

“While the supply chain issues have curtailed some growth for Apple on this massive product cycle playing out across its entire hardware ecosystem, we believe the pent-up demand story for Cupertino is still being underestimated by investors with chip issues a somewhat transitory issue in our opinion,” Ives wrote.

Story continues

Bloomberg reports that Apple is also expected to launch a 5G-capable version of its iPhone SE in the coming months, along with updated versions of its iPad and Mac laptops. But it will be some time before those rumored products show up on Apple’s bottom line.

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