Here's How Many iPhones Wall Street Thinks Apple Sold Last Quarter

We're less than a week away from Apple's earnings report, which will be after the market closes on Wednesday, April 23.

This is going to be a somewhat weird report from Apple. It hasn't done anything in terms of releasing new products so far this year. As a result, there isn't going to be much to talk about with Apple.

Presumably, it's quite busy working on stuff at its HQ. But, this is a bit of a let down since last year Tim Cook said there would be new Apple products "across 2014." It seems like "across 2014" has turned into the end of 2014.

The majority of analysts are saying that Apple is a "second half" story. In the second half of the year, Apple will announce iOS 8, it will release the iPhone 6, and, reportedly, it will release the iWatch. There might even be an Apple TV update.

Morgan Stanley analyst Katy Huberty thinks that investors are too negative on Apple right now. In a report, she said:

We believe now is the time to invest in AAPL in light of low institutional ownership, more resilient than expected iPhone sales, and upcoming product launches including iWatch, iPhone 6, larger screen iPad, and services. While most investors expect weak March quarter results and June guidance, we see evidence of better iPhone sales which combined with a more aggressive share buybacks could result in less downward EPS pressure than expected and bridge the gap to product cycles later this year.

Huberty says that Morgan's Alphawise survey, which analyzes iPhone demand, suggests Apple sold 40 million iPhones, which would be ahead of expectations.

Philip Elmer DeWitt has a pretty good look at what both professional and amateur analysts are expecting from the iPhone. The consensus is 38.2 million iPhones shipped, which would be an anemic 2% year-over-year increase.