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So the market is taking a beating once again today, but will tech giant Apple Computer (NASDAQ: AAPL) come to the rescue tonight when it reports earnings for its fiscal first quarter of 2008?
Wall Street is looking to see the company show earnings of $1.61, but some analysts are already predicting that the company is going to have no problem shattering these estimates.
According to Citigroup analyst Richard Gardner, we should expect to see actual earnings figures come in closer to $1.75 a share, as the company had a strong quarter due to sharply lower prices for NAND flash memory. The analyst is also expecting to see the company to issue full year guidance in line with consensus estimates.
Given the recent weakness in the stock, some good news tonight could be just what investors are waiting for to bring money back into the stock and reverse the recent sell off.
We will see just how strong the company’s numbers actually do come in, and whether or not the wide range of new iPods that the company launched last fall had the expected impact on earnings that many are waiting to see.
Disclaimer: I currently am long in Apple
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[...] easily beat analyst estimates, posting earnings per share of $1.76 for the quarter, well above the $1.61 that analysts had been expecting to see, but it was the company’s second quarter forecast that is leading to today’s sell [...]