Bernstein expects Apple to beat the Street consensus in June quarter

Despite ongoing macro and supply-chain headwinds, there’s a good chance Apple could report better-than-expected results for its fiscal third quarter ended in June, Bernstein analyst Toni Sacconaghi says.

Eric J. Savitz:

Sacconaghi… on Monday inched up his expectations for Apple for the June quarter, citing better-than-expected supply and manufacturing conditions, as well as “healthy” demand in China. Sacconaghi boosts his June-quarter revenue forecast to $84 billion from $82.8 billion, while nudging up his earnings-per-share forecast to $1.19, from $1.17. Sacconaghi’s estimates are above the Street consensus forecast for revenue of $82.4 billion and profits of $1.15 a share…
In reporting March quarter results, Apple had warned that supply constraints could reduce revenue in the quarter by $4 billion to $8 billion; Sacconaghi thinks the actual impact might be at the low end of the range or below. But he also notes that currency-rate headwinds are likely higher than Apple had forecast.
Meanwhile, he thinks that Apple could outperform consensus estimates for both Mac and iPad sales. He sees Mac sales up 13%, above the Street’s consensus forecast at 3%, and projects iPad growth of 9%, far above the Street consensus forecast for a decline of 6%.

MacDailyNews Take: The odds that Apple has once again underpromised and overdelivered in Q322 are good.
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