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Apple's quarterly report following the closing bell could send shares sharply lower Thursday even if the company hits earnings estimates—if history is any guide.
During the past 20 quarters, the company's seen an average bump of 0.4 percent the day after it delivers quarterly results, according to FactSet data.
While this average seems like a tepid reaction, most second-day moves have been on the sharper side. Interestingly, during this period, the majority of the company's steepest declines have been over the past two years.
In Apple's case, even an earnings beat doesn't necessarily translate into content investors. Of the past eight quarters, six have seen negative day-after stock swings despite Apple only falling short of earnings forecasts twice. During the past 20, Apple missed earnings forecast three times, but second-day share reaction was negative nine times.
—By CNBC's Katie Little with reporting from Giovanny Moreano