Apple Inc. (NASDAQ:AAPL) is set to release its earnings numbers for the three months through June next week, and investors are excited to see what the company has in store. The company will show exactly how much it earned in the three months on Tuesday July 22. In the last five days the company’s shares have lost close to 1%, though that’s likely more due to world events than earnings expectations.

apple earnings

Consensus figures show analysts looking for the company to show earnings of $1.22 per share for the third quarter on revenue totalling $37.93 billion. some analysts are taking it a little bit farther, however, and are expecting the company to have had another record beating quarter earlier this year.

Apple earnings pushed higher on iPhone demand

The June quarter is usually a slow one at Apple Inc. (NASDAQ:AAPL). The company is a long way away from a product release in the quarter, and people usually put off getting a new smartphone because the release of the new iPhone is, according to each year’s rumors, just around the corner. This year may be different, however, as the company’s wider base appears to have bolstered demand.

Analysts are looking for the company to show sales of around 35.8 million iPhones for the quarter, but the more optimistic among them reach higher, saying that the Cupertino company could have sold as many as 40 million phone in the quarter. The high number comes from BNP analyst Alexander Peterc.

The least optimistic prediction says that the company will show shipments of around 32 million iPhone units for the third quarter of 2014. That’s still an incredible number of handsets to ship in three months, but it won’t be enough to sate the appetites of the company’s shareholders. iPhone demand was apparently huge in the June quarter, and analysts want to see that on the earnings report.

Not everything is great at Apple

Despite the bigger than expected iPhone number likely to come through this quarter, not everything is looking perfect at Apple Inc. (NASDAQ:AAPL) for the third quarter. The company appears to be selling fewer and fewer iPads, a trend that may cause concern about the company’s future. Apple Inc. (NASDAQ:AAPL) has always relied on the iPhone for the majority of its revenue, but the company at least showed a modicum of diversity with the iPad.

Sales of the tablet may be falling, but the incredible revenue power of the iPhone is sure to make up for that decline in the coming quarter. Apple Inc. (NASDAQ:AAPL) may have created the single most profitable product of all time in their smartphone, and, if the analysts are right, the company is going to continue to profit off of the device for a long time to come.