Wells Fargo analyst Maynard Um thinks Apple could report lower iPhone and iPad sales for its second fiscal quarter, but that downswing will be offset by better than expected gross margins. Apple will announced its Q2 2014 earnings this Wednesday after the market closes.
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Just because iPhone and iPad sales figures may be down doesn't mean Apple has to report lower earnings. There's a lot that plays into company profits, but regardless of how good those numbers are, it's a safe bet everyone will key in on the expected decline is iPhone and iPad numbers.