The Apple logo is displayed on the exterior of an Apple Store in San Francisco, Calif. (Photo: Justin Sullivan, Getty Images)
Apple will report third-quarter earnings after the markets close Tuesday, as investors anxiously await the next major product announcement from the home of the iPad and iPhone.
Wall Street has not been kind to Apple shares since they reached an all-time high of $702 last September. Since then, the company's stock price has plunged to $427.68 as of this morning's pre-market trading.
Analysts forecast Apple to report an earnings-per-share of roughly $7.30, with quarterly revenues of $35 billion. If correct, revenues would come in flat compared to the same time last year.
Sales of iPhones are expected to remain the same as well. Forecasts call for sales of 26 million, around the same number as the same time last year. But a growing number of consumers have been content to buy the older iPhone 4 and iPhone 4S models, which are less expensive and less profitable for Apple than the iPhone 5 released last September.
The slump in Apple stock is a sign investors have grown impatient with the company when it comes to new, revolutionary products. Rumors persist about several potential gadgets, including an Apple smartwatch and the long-discussed Apple TV.
Most recently, The Wall Street Journal reported Apple is testing larger screens for the iPhone and iPad.
Pressure from competitors in the smartphone and tablet market continues to grow, particularly from Samsung -- which continues to gain traction with its Galaxy S and Galaxy Note devices -- and Google's Android operating system.
During the first quarter, Samsung commanded a 32.7% market share for smartphone shipments, according to IDC, followed by Apple at 17.3%.
Contributing: Associated Press Follow Brett Molina on Twitter: @bam923.
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