In a note to clients Bachman notes that in the past Apple has guided to 3-5 percent sequential revenue growth in the September quarter, which he notes would suggest revenue of US$7.7 billion to $7.75 billion, versus the current consensus of $8.27 billion.

Bachman notes that iPhone sales in the quarter should jump to north of four million from around 700,000 in the June quarter, but that most of the revenue is deferred, given the company’s policy of recognizing revenue from the phone over a two-year period, notes Barron's. The analyst also says factors that will influence September quarter guidance will include back-to-school promotions, deferred iPhone revenue and a potential weakening in European consumer demand.

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