Happy Tuesday.

We will go over my updated Apple earnings model tomorrow. It's not quite ready for publication. As a reminder, with Apple reporting earnings on Thursday, here is the daily update schedule for the rest of the week:

Wednesday: Regular update
Thursday: No update
Friday: Special Friday update dedicated to reviewing Apple earnings

Previewing Apple’s 4Q22 Earnings

My expectation is for Apple to report OK results on Thursday. While FX, inflation, and ongoing supply chain issues will negatively impact numbers, Apple should be able to comfortably exceed the all-time FY4Q revenue record ($83B is the current record).

FY4Q presents a few challenges for Apple financial modeling and earnings analysis as results reflect demand and supply trends 1) leading up to the critical September product launches and 2) a portion of the product launches themselves. For Apple, those two periods can end up representing distinct demand environments.

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