Here's what Wall Street cares about most in Apple's earnings

Is Apple still an iPhone company?

When Apple reports earnings after the market close, Wall Street will look for signs of substantial growth in Apple's services business — which includes the App Store and Apple Pay.

"We have been bullish on the services side of the business," Jason Ware, chief investment officer at Albion Financial and an Apple Shareholder told CNBC's "Power Lunch."

It's about 15 percent of the business now, and it's growing faster than other areas, he said. In fiscal 2016 the services business became the company's second biggest segment — after the iPhone and surpassing Mac — generating $24 billion in revenue.

That business has higher margins than hardware, and the App Store has the biggest margins within the segment, said Andy Hargreaves, an analyst with Pacific Crest Securities.

But Apple is still an iPhone company and leaks from Apple's supply chain suggest the company could report iPhone sales just below what Wall Street has been expecting, said Hargreaves.

Apple also benefits from having a large base of consumers already fairly locked into its own ecosystem, he said. "The stickiness of ecosystems is quite high," he said. "If you're deep in the ecosystem you are not leaving soon."

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