Apple (Nasdaq: AAPL) is expected to report Q3 earnings around July 23. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Apple's revenues will decrease -0.2% and EPS will decrease -21.8%.

The average estimate for revenue is $34.97 billion. On the bottom line, the average EPS estimate is $7.29.

Revenue details
 Last quarter, Apple notched revenue of $43.60 billion. GAAP reported sales were 11% higher than the prior-year quarter's $39.19 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, EPS came in at $10.09. GAAP EPS of $10.09 for Q2 were 18% lower than the prior-year quarter's $12.30 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 37.5%, 990 basis points worse than the prior-year quarter. Operating margin was 28.8%, much worse than the prior-year quarter. Net margin was 21.9%, 780 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $170.65 billion. The average EPS estimate is $39.43.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 27,859 members out of 30,161 rating the stock outperform, and 2,302 members rating it underperform. Among 5,655 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 5,435 give Apple a green thumbs-up, and 220 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Apple is outperform, with an average price target of $597.46.

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