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apple1Today will see the release of Apple’s quarterly earnings, and Wall Street is waiting with bated breath to see what the company’s financials look like for this quarter.

According to the Thomson Reuters survey, the average expectation from Wall Street analysts is earnings of $7.32 a share, with revenue of $35 billion. Apple’s Peter Oppenheimer projected that revenue for the quarter would be between 33.5 and 35.5 billion dollars, so the current projections are on the high end of Apple’s own expectations.

If Apple hits those numbers, it will be slightly down year-over-year from its Q3 results in 2012, but not by much, which lines up with expectations of a flat third quarter.

All eyes now are on Apple’s iPhone sales, which many analysts expect to have slowed in line with the rest of the smartphone market. However, Verizon has reported a year-over-year increase in iPhone sales, so Apple may buck the trend.

Apple’s stock price is recovering slowly after a precipitous drop to below 400 dollars. As of press time, shares of Apple were trading at $423.87, down a little less than three dollars from yesterday.

We’ll have coverage of Apple’s earnings report and subsequent analyst call this afternoon.

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