Wall Street expects near-record iPhone sales despite delay, shut Apple stores

During the last three months of 2020, Apple Inc delivered its flagship iPhone 12 model weeks later than normal iPhone debuts and shuttered some of its stores due to the pandemic.

But Wall Street is still expecting a near-record sales quarter for the Cupertino, California company’s signature device when it reports fiscal first-quarter earnings on Wednesday, with estimates of $59.8 billion, according to IBES data from Refinitiv as of Jan. 26. If Apple beats the number, it could eclipse its all-time record of $61.58 billion in iPhone sales for the first quarter of fiscal 2018.

Analyst largely attribute the boost to the timing of the iPhone 12 lineup, which had a new look, 5G cellular data connectivity and new models at the top and bottom of the sizing range.