Live updates: Apple to report quarterly earnings today after the market close

Low expectations heading into Apple's second-quarter earnings release are warranted, according to JPMorgan, but the "cyclical headwinds" could soon turn into "AI tailwinds," according to a recent note.

"The upcoming earnings print will still matter for investors in offering insights into the magnitude of the cyclical challenges on account of pressured consumer spending as well as the headwinds in relation to market share moderation in China," JPMorgan said.

The bank said investor expectations might be so low that a slight miss from Apple could spark a turnaround in the stock price as the results turn out better than feared.

JPMorgan said that based on the latest demand trends, it expects Apple to report a modest revenue miss in the quarter, as well as a "more significant" miss to revenues when it reports third-quarter revenue guidance.

JPMorgan rates Apple at "Overweight" with a $210 price target.

2nd quarter

• Revenue estimate: $90.33 billion

• Products revenue estimate: $66.95 billion

  • iPhone revenue estimate: $45.76 billion

  • Mac revenue estimate: $6.79 billion

  • iPad revenue estimate: $5.91 billion

  • Wearables, home and accessories estimate: $8.29 billion

• Service revenue estimate: $23.28 billion

• Greater China rev. estimate: $15.87 billion

• EPS estimate: $1.50

• Operating cash flow estimate: $22.87 billion

• Total operating expenses estimate: $14.33 billion

• Gross margin estimate: $42.01 billion

• Cash and cash equivalents estimate: $36.83 billion

• Cost of sales estimate: $48.52 billion

• Total current assets estimate: $142.22 billion

• Total current liabilities estimate: $116.82 billion

Source: Bloomberg