02:59 PM EDT, 07/29/2025 (MT Newswires) -- Apple ( AAPL ) investors are expected to focus on the revenue outlook for fiscal Q4 after adjusting for a potential foreign exchange tailwind, Oppenheimer said.

Taking a "neutral" view of Apple's ( AAPL ) fiscal Q3 earnings, scheduled for Thursday, the brokerage said in a Monday note that its neutral stance assumes "better sales near term on an FX tailwind" and growth in the services segment offsetting a weaker iPhone outlook.

For fiscal Q3, Oppenheimer estimates revenue of $87.9 billion, up 2.5% from a year earlier, driven by iPhone and Services. The brokerage said sales from Greater China are likely to show "another quarter of moderating headwind," helped by favorable FX movement.

The company's management is anticipated to guide fiscal Q4 revenue above fiscal Q3, with mid-single-digit year-over-year growth including a 1% to 2% forex tailwind. Gross margin is expected to remain stable as Apple's ( AAPL ) in-house C1 modem remains limited to SE models, according to the note.

The firm has a perform rating on Apple's ( AAPL ) stock.

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