Apple's earnings report, due after the bell on Monday, will shed some light on just how its iPhone sales are actually doing.
The tech giant, which released its iPhone 5S and iPhone 5C in late September, is expected to to announce iPhone sales above 34 million, said Ramone Llamas, a research manager at IDC.
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"About 34 to 35 million, that seems right about on track. Anything higher is going to be a huge surprise, but anything lower than that on the opposite end is going to say how soft that demand was in those July and August months," he said on CNBC's "Squawk on the Street" Monday.
Apple's release of two new iPhone models this year has also spurred some concern about gross margins.
"Obviously, the lower priced phones have lower gross margin opposed to the higher end phone so how is that going to impact gross margin going forward. So I think that is a key issue going into this quarter and obviously next quarter, which will be the holiday season," said Dan Morgan, Synovus Trust senior vice president and portfolio manager, on "Squawk on the Street."