Higher average selling prices for the iPhone 7 Plus, meanwhile, might also help to improve sales over the next two quarters.
Earnings: Analysts expect Apple to report earnings per share of $1.66, down from $1.96 in the year-earlier period, according to FactSet.
Revenue from the iPhone is projected to fall by 14% to $27.8 billion, after declining by 24% in the quarter prior, according to FactSet.
The average rating on the stock is the equivalent to buy, while the median stock target among a poll of roughly 40 analysts surveyed by FactSet is $120.96, implying 22% upside to Thursday’s closing price.
Also read: This is how much Apple could profit because of Samsung’s Note 7 issue Longbow Research analyst Shawn Harrison said a 1-million share shift from the Note to the iPhone would boost earnings-per-share by 2 to 3 cents.