Apple (AAPL) earnings Q1 2021

Apple is set to report its first quarter earnings after the bell Wednesday.

Here’s what Wall Street is expecting:

• EPS: $1.41, according to Refinitiv consensus estimates
• Revenue: $103.28 billion, according to Refinitiv consensus estimates

If Apple hits Wall Street expectations, it will be the company’s first $100 billion quarter. It comes after Apple warned investors last February about its financial results in the early days of the pandemic.

Analysts are expecting a blow-out quarter driven not just by the first full quarter of 5G iPhone sales, but also strong performance in Mac computers and online services.

“We are buyers ahead of what we expect to be a record December quarter print,” Morgan Stanley’s Katy Huberty said in a note this week.

Analysts still see the 5G iPhone results as critical for the company.

“We believe Apple’s first lineup of smartphones on 5G networks are better positioned than investors completely appreciate,” DA Davidson’s Tom Forte said in a note.

Apple could also start providing revenue and EPS forecasts again. It stopped providing guidance last spring because of the pandemic, although executives have provided some data points in quarterly earnings calls, like that it expects non-iPhone revenue to grow double digits year-over-year this quarter.

“After not providing guidance in the past three quarters, we expect Apple to provide increased financial goalposts for F2Q whether that is formal guidance or not, as we believe general macro uncertainty has decreased over the past few months,” Deutsche Bank analyst Sidney Ho wrote in a note.

This story is developing.