With Apple's earnings coming after Monday's closing bell, analyst Chris Caso said key wildcards are the mix of iPhone 6 and iPhone 6 Plus sales and whether the company successfully enticed a large number of consumers to buy devices with larger memory.
The Susquehanna Financial Group senior analyst estimates that 57 million iPhones were sold in the quarter ended in March, a bit higher than the consensus forecast, with "more 6 Plus and more of the higher memory" devices than many had predicted.
With the introduction of iPhone 6, Apple dropped the 32GB offering. "So basically for another $100 you can go right from 16 gig to 64 gig," Caso told CNBC's "Squawk Box" in an interview. "That's been very profitable for them." Apple still offers the iPhone 5s in 32GB.
Apple is expected to report earnings of $2.16 per share on revenue of $56.1 billion for its fiscal second quarter, according to analyst forecasts.