Earnings season continues to chug along, with various companies reporting quarterly results daily. The period is undoubtedly an exciting time for investors, as companies finally pull the curtain back and unveil what’s transpired throughout the period.
This upcoming week, we have several notable names on the reporting docket, a list that includes several mega-cap tech favorites such as Meta Platforms, Amazon, and Apple.
Apple
Perhaps the most beloved of the bunch, market leader Apple will reveal quarterly results on February 1st after the market’s close. The company has been on a solid earnings streak as of late, exceeding our consensus earnings and revenue expectations in three consecutive quarters. Shares got a nice boost following its latest set of results, sparking a strong rally.
Image Source: Zacks Investment Research
Analysts have been bullish regarding the bottom line, with the $2.09 Zacks Consensus EPS Estimate up a modest 1.5% since November and suggesting growth of roughly 11% year-over-year. Revenue expectations have been slightly more negative, as the $117 billion quarterly sales estimate has been taken 1.4% lower over the same period.
Image Source: Zacks Investment Research
Of course, investors will be focused on the company’s iPhone sales, but Apple’s services portfolio has also been a great source of growth over the last several years. For the quarter, we expect the company to post $23.3 billion in revenue from Services, nicely above the year-ago mark of $20.7 billion. Apple has consistently positively surprised on this metric as of late.
Image Source: Zacks Investment Research
Amazon
Amazon, the e-commerce and cloud computing titan, will report on February 1st after the market’s close. The company has posted strong quarterly results as of late, exceeding our consensus EPS expectations by an average of 55% over its last four releases. Like Apple, Amazon shares moved well higher post-earnings following its latest release, with shares continuing their momentum throughout 2024 so far.
Image Source: Zacks Investment Research
Analysts have been notably bullish for the release, as the $0.81 Zacks Consensus EPS estimate has been taken nearly 7% higher since November and reflects growth of a sizable 280% year-over-year. Top line expectations have primarily remained flat.
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