iPhone 5 Monopolizes Apple Q3 Earnings Estimates (AAPL)

Apple will announce its Q3 2012 earnings report today, where we expect to hear about lower iPhone sales and an overall conservative quarter as Apple must deal with the un-controllable hype around the upcoming iPhone 5.

Apple Inc. (AAPL) stock sits just over $600 this morning, a drop from the $644 a share high of weeks past. The current AAPL stock price is nearly $200 more than in September of 2011 on the precipice of what many thought was the iPhone 5 launch.

Read: iPhone 5 Release Date Rumors

The iPhone 4S launch, new iPad release and focus on mobile continues to drive Apple stock even as analysts predict a mild Q3 earnings call.

AAPL Q3 Earnings Estimates

Analysts expect a conservative report in the 2012 Q3 AAPL earnings call. iPhone sales are expected in the 25.4 million to 27 million range, according to Pacific Crest Securities. This is a large drop from the 35.1 million iPhones sold in Q2 2012, which gives Apple investors some pause.

Apple is expected to announce Q3 earnings per share of $37.2 billion, or $10.35 earnings per share according to Reuters.

Apple can likely thank the expansion into prepaid carriers like Virgin Mobile some of these Q3 2012 iPhone sales, but the bulk of iPhone buyers are holding off.

iPhone 5 Release Date and Demand

The expectation for a new iPhone 5 with a larger display and 4G LTE connection is partially to blame for Apple’s conservative quarter. ChangeWave Research reports that demand for the iPhone 5 is at an all time high.

Read: Should I Buy the iPhone 4S or Wait for the iPhone 5

This demand is growing every day, and consumers who own an iPhone 3GS or an iPhone 4 are waiting for the iPhone 5 release date before upgrading.

Our exclusive iPhone 5 engineering sample photo offers a look at what the new iPhone 5 may look like and indicates that iPhone 5 production may already be underway as several sources claim. In any event, we are close to an iPhone 5 launch date.

Outlying rumors suggest Apple could announce the iPhone 5 in early September with a September 21st iPhone 5 release date, but it is more likely that Apple will stick with the October timing which worked out well last year.

By timing the iPhone 5 release date for October Apple is able to key in on the busy holiday shopping season. This year Apple may be planning a bigger mobile launch, including the iPad Mini, which could offer a product at nearly every price.

Read: iPad Mini Completes Apple Product Lineup

Apple rallies around mobile product launches. This fall might be one of the biggest mobile product launches in Apple history. Analysts and sources believe we will see the biggest mobile launch around the iPhone 5.

This fall release may include,

• iPhone 5
• iPad Mini
• iPad refresh with smaller dock connector
• iPod Nano
• Apple TV

Even with lower Q3 estimates, analysts reiterate their claims that AAPL will hit $1,000, which means they believe the iPhone 5 could make Apple a $1 trillion company.