As critical as China has become to Apple's future, the tumbling stock market there has yet to dampen investor enthusiasm for the iPhone maker.
Heading into Tuesday's quarterly earnings report, investors are bullish: Shares are up 40 percent in the past year, topped by an almost 6 percent rally over the last week.
Analysts at Stifel, Piper Jaffray and Pacific Crest Securities have put out recent reports predicting that iPhone unit sales in the fiscal third quarter topped the average analyst estimate of 47 million. Stifel's Aaron Rakers raised his estimate last week from 43.5 million to 50.2 million, citing increased penetration in China, which accounted for 29 percent of revenue in the quarter ended March.
"While China macroeconomic concerns will likely be a key investor focus, analysis of Apple's positioning/momentum in China remains strong," wrote Rakers, who has a "buy" rating on the stock and a $150 price target, 13 percent above the current price.
Analysts on average are looking for sales growth of 32 percent to $49.3 billion, according to a survey from Thomson Reuters. Earnings per share likely increased to $1.79 from $1.28 a year earlier.
There's plenty of anticipation over how well the brand new Apple Watch is selling, but the Cupertino, California-based company won't be providing much clarity, as sales will be included in the "other products" category. Among analysts, the average prediction for the quarter is 4 million units and 9 million for the year, according to FactSet.