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Apple, the tech giant known for its innovative products and services, is set to report its fiscal third-quarter earnings after the bell today. However, analysts believe that the focus will not solely be on the company's financial performance in the past quarter, but rather on what Apple has to say about the upcoming September quarter, which is already one-third over.

Traditionally, Apple's third quarter (which ends in June) is its slowest period in terms of sales. However, investors and analysts are eagerly awaiting insights into the September quarter, which typically benefits from the release of new iPhone models. The revenue guidance for the fourth quarter is forecasted to be approximately $93.39 billion.

Wall Street consensus estimates suggest that Apple will report earnings per share of $1.35 and revenue of $84.53 billion for the third quarter. Analysts have also provided estimates for Apple's major product categories. According to StreetAccount, iPhone revenue is expected to be around $38.64 billion, followed by Mac revenue at approximately $7.04 billion. Additionally, iPad revenue is estimated to be $6.61 billion, while Wearables, Home, and Accessories revenue is expected to reach $7.83 billion. Services, a rapidly growing segment for Apple, is projected to generate $24.05 billion in revenue.

While Apple does not provide official guidance, it offers various data points to gauge the performance of the September quarter. Barclays analyst Tim Long believes that this quarter's outlook looks promising, especially due to Apple's long-awaited venture into artificial intelligence called Apple Intelligence. This AI solution, which utilizes the company's own chips in servers and devices, has the potential to drive demand for high-end iPhone 15 models that are compatible with the service.

Another factor that analysts are considering is Apple's capital expenditures. While competitors have been investing heavily in massive server farms for AI, Apple's strategy of using its own chips in servers is believed to be a more cost-effective approach. The early stages of Edge AI, along with its lower capital expenditure requirements and faster monetization potential, make Apple's stock particularly attractive, according to Raymond James analyst Srini Pajjuri.

Moreover, analysts are closely watching Apple's performance in China, a market where it faced increased competition from local companies like Huawei. Following an 8% decline in sales in the second quarter, Apple's China division will be under scrutiny, as indicated by Bank of America Securities analyst Wamsi Mohan.

Overall, investors are looking for reassurance from Apple on the upcoming iPhone replacement cycle, which is expected to benefit from AI integration. Positive guidance from Apple could lead to revisions in consensus estimates for full-year earnings, potentially alleviating concerns about the stock's premium valuation multiple.