Earnings week ahead: Apple, Microsoft compete for title of world's largest company

investing.com:

Investing.com — Here is your Pro report of the upcoming major earnings releases next week: Apple, Microsoft, General Motors, Amazon, and Mastercard.

Apple (NASDAQ:AAPL) is expected to report earnings for Q1/24 on Feb 1, post-market close. Street estimates stand at $2.10 for earnings per share (EPS) and $118.3 billion for revenues.

Remarkably consistent, Apple has surpassed EPS forecasts in 7 of the last 8 quarters.

On the downside, however, Wall Street anticipates that the Cupertino-California based giant will report sales of $89.28 billion, a decrease of approximately 1% compared to the corresponding quarter in the previous year. This would mark the fourth consecutive quarterly sales decline for the company.

Going into earnings, our flagship ProTips tool warns of the company's high multiples and weakening margins.

Source: InvestingPro

Apple has recently lost the title of the world's largest company by market share to rival Microsoft (NASDAQ:MSFT), which reports on Tuesday prior. Insights from both companies' earnings should set the tone for the tech space going forward.

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After surpassing the $3 Trillion market-cap line last week, stakes are at a high for the Redmond, Washington-based behemoth when it reports quarterly earnings next Tuesday, the 30th.

Consensus is that the company will post net income of $20.6 billion, or $2.77 per share, compared with $17.4 billion and $2.20 from a year before, respectively.

Should the estimates prove correct, it would mark the highest revenue in seven quarters, coupled with a noteworthy uptick in EPS. Investors are confident that the company's pushes in the AI and cloud spaces will help the