Apple Inc., the Cupertino-based tech behemoth known for its diverse product portfolio, ranging from smartphones to wearables, is gearing up to unveil its fiscal fourth-quarter earnings for 2024. With a massive market cap of $3.5 trillion, the company is set to disclose its financial performance after the market closes on Thursday, October 31.

Wall Street analysts are predicting that Apple will report a profit of $1.54 per share on a diluted basis, representing a 5.5% increase from the same period last year. This upwards trajectory is in line with Apple’s recent trend of exceeding earnings per share (EPS) estimates, having outperformed market expectations in the past four consecutive quarters. In the previous quarter, Apple’s EPS of $1.40 surpassed consensus estimates by a solid 4.5%.

For the full fiscal year, market analysts are expecting Apple to report an EPS of $6.65, marking an 8.5% growth from the previous year’s figure of $6.13 in fiscal 2023.

Year-to-date, Apple’s stock has seen a decent uptick of 19.9%, though slightly lagging behind the S&P 500’s gains of 21.5% in 2024. Nevertheless, it has managed to outperform the Technology Select Sector SPDR Fund’s (XLK) returns of 18.7% during the same period.

Recent fluctuations in Apple’s share price were attributed to varying factors. A 3.3% decline followed reports of decreased iPhone 16 orders by approximately 10 million units in late 2024 and early 2025, hinting at weaker-than-anticipated demand. However, a surge of over 1% was witnessed on October 15 when Apple unveiled a cutting-edge iPad mini with advanced Apple Intelligence AI capabilities.

Analysts’ sentiments towards Apple stock lean mostly towards optimism, with an overall “Moderate Buy” rating. Among the 32 analysts covering the stock, 18 rate it as a “Strong Buy,” four as a “Moderate Buy,” nine as a “Hold,” and one as a “Strong Sell.” The average price target for Apple stands at $245.13, suggesting a potential 6.2% upside from its current valuation.