FORTUNE -- With one day to go before Apple (AAPL) is scheduled to report its earnings for the March quarter – Q2 in Apple's fiscal year -- the expectations of the analysts polled for Fortune's quarterly round-up are not high.
In fact, they're either flat or down across the board according to the 40 analysts we've heard from so far. (See Handicapping Apple's earnings.)
Earnings per share may come in higher -- 2.4% higher to $10.33, by the analysts' consensus -- but mostly because Apple has purchased enough of its own shares to lower the denominator in E/S from nearly a billion shares to less than 890 million.
As for revenue, most of our analysts (31 out to 40) are playing it safe, offering estimates within the range of Apple's guidance -- between $42 billion and $44 billion.
Seven think Apple will beat its revenue guidance -- by half to three-quarters of a billion dollars, according to Merrill Lynch's Scott Craig and the Braeburn Group's Patrick Smellie, respectively. Two analysts -- Credit Suisse's Kulbinder Garcha and the Braeburn Group's Sunil Shah -- think Apple's revenue may actually come in below the low end of Apple's guidance.
Of the four analysts, Merrill's Craig has the best track record. In last year's Earnings Smackdown he took first place with earnings and revenue estimates that were off by less than 1%.
None of Apple's hardware product lines is expected to show much growth this time around, and iPod sales may fall by more than 45% year over year.
In fact, the only Apple line item that is expected to show anything approaching steady growth is iTunes, Software and Services, and its growth is expected to decelerate from nearly 26% last year to less than half that. One factor slowing things down: Apple's decision to give away its productivity suite -- Pages, Numbers and Keynote -- for free.
Below: The individual analyst's Q2 2014 estimates, with the pros in blue, the indies in green (plus Apple's high and low guidance numbers in red). I'll run my quarterly Earnings Smackdown after Wednesday's earnings call and hope to post the quarter's list of the best and worst analysts Thursday morning.
Tim Cook responds to criticism from environmentalists with a video message of his own.
FORTUNE -- Apple (AAPL) continues to come under pressure from environmentalists and human rights groups to clean up its act.
Currently making the rounds on college campuses is filmmaker Heather White's Who Pays the Price, a 9:30-minute video that begins in the style of a soft-voiced Apple promo ("This is what matters. The experience of a product. Will it make life better...") but quickly MOREPhilip Elmer-DeWitt - Apr 21, 2014 1:50 PM ET
Average estimate: $10.32 per share on sales of $43.5B. Apple's guidance: $42 to $44B.
FORTUNE -- Apple's (AAPL) share price got clobbered in after-hours trading three months ago when the company announced its earnings for the Christmas quarter. The problem was not the record sales of Macs, iPads and iPhones -- although the iPhone numbers came in a bit lighter than expected.
No, what knocked nearly $45 billion off Apple's market cap that night was MOREPhilip Elmer-DeWitt - Apr 21, 2014 3:22 AM ET
Estimates range from $4 billion to nearly $5 billion, but growth continues to slow.
FORTUNE -- Apple's (AAPL) No. 4 revenue stream -- after the iPhone, iPad and Mac -- is a line item the company calls iTunes, Software and Services.
The category is something of a hodgepodge -- a grab bag where the company tosses, to quote from a footnote in its SEC filings, "revenue generated by sales on the iTunes Store, the App Store, the Mac App Store and the iBookstore, plus revenue from sales MOREPhilip Elmer-DeWitt - Apr 20, 2014 2:29 AM ET
The estimates range from 3.7 million to 4.8 million. Average: 4 million, up 2.8% from 2013.
FORTUNE -- Once Apple's (AAPL) biggest money maker, the Mac at 12% of total revenue is now No. 3 after the iPhone (52%) and iPad (20%).
[No. 4 at 7.6% and climbing fast is the category Apple calls "iTunes, Software and Services."]
The good news for the axis of Apple's digital hub strategy is that the year-over-year declines the Mac suffered for MOREPhilip Elmer-DeWitt - Apr 19, 2014 5:26 AM ET
The analysts' estimates range from 15 million to nearly 22 million. Average: 19.3 million.
FORTUNE --Although the heyday of the iPad -- when it basically owned the tablet computer market -- may be over, the product line is still Apple's (AAPL) second most important source of revenue, holding steady at roughly 20% of total sales.
With growing competition and the rise of the phablet (mini-tablets that double as phones), nobody is expecting a repeat of MOREPhilip Elmer-DeWitt - Apr 18, 2014 6:57 AM ET
The analysts' estimates range from 34 million to nearly 43 million. Average: 38.2 million.
FORTUNE -- In the analysts' notes to investors leading up to Apple's (AAPL) quarterly earnings report next week, the iPhone is topic No. 1.
And with good reason. iPhone sales remain the company's single biggest source of revenue -- 52.6% of total revenues, to be specific, at this time last year.
In a note issued Wednesday, Bernstein's Toni Sacconaghi rattled off a list MOREPhilip Elmer-DeWitt - Apr 17, 2014 2:02 AM ET
Artificial intelligence-driven startup expands its robotics expertise, looks for new ways to expand ecosystem.
FORTUNE -- Anki Drive's toy-sized ecosystem just got bigger.
The San Francisco-based startup, which released its artificial intelligence-driven cars last October, unveiled two new tracks and two new cars Wednesday -- the first new hardware of any kind since launch.
Available for $100 starting May 6, Anki's new tracks offer new challenges for racers: "Crossroads" throws in a twist, MOREJP Mangalindan, Writer - Apr 16, 2014 3:21 PM ET
Remember those snarky TV spots mocking Apple customers waiting in line for an iPhone?
FORTUNE -- Here's an interesting sequence of events, buried between the lines of a Samsung e-mail trail that Apple (AAPL) entered into evidence as part of its big patent infringement suit, now in its third week.
-- Oct. 4, 2011: From Samsung's VP of U.S. sales Mike Pennington to Samsung America CEO Dale Sohn and chief marketing officer Todd Pendleton.
"As you have shared MOREPhilip Elmer-DeWitt - Apr 16, 2014 2:45 AM ET
Samsung's argument that Apple attacked the wrong company could resonate with the jury.
FORTUNE -- Watching Apple's (AAPL) patent infringement trial from afar -- today, it's from Prague -- I can't tell if the jury got as clear an explanation of where Apple's so-called "quick link" software came from as the one Daniel Eran Dilger posted Sunday on AppleInsider (How Samsung & Google teamed up to steal Apple Data Detectors for Android).
But reading Dilger's deep dive into the history of the technology I'm MOREPhilip Elmer-DeWitt - Apr 14, 2014 4:11 AM ET
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