Millennial investors seem to be expecting an post-earnings pop for Apple.
Data from stock-trading app Robinhood, whose users tend to skew much younger than traditional brokerages, show investors are snapping up shares of the tech giant 52% more than they are selling ahead of its earnings report after the closing bell Tuesday.
“AAPL significantly plunged since chip provider TSM announced disappointing earnings., blaming weak demand for an expensive smartphone.,” Sahill Poddar, the app’s data scientist, told Business Insider in an email.
Some Wall Street analysts also downgraded their iPhone forecasts ahead of Tuesday’s earnings report.
Morgan Stanley’s Katy Huberty downgraded the stock earlier this month, citing weakening demand in China.
Of Wall Street’s declining expectations for iPhone shipments.
Analysts polled by Bloomberg expect the tech giant to report earnings of $2.64 a share on revenue of $60.87 billion.