Cray (Nasdaq: CRAY) is expected to report Q2 earnings around July 30. 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 Cray's revenues will contract -5.3% and EPS will shrink to a loss.

The average estimate for revenue is $79.8 million. On the bottom line, the average EPS estimate is -$0.20.

Revenue details
 Last quarter, Cray chalked up revenue of $79.5 million. GAAP reported sales were 29% lower than the prior-year quarter's $112.3 million.

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, non-GAAP EPS came in at -$0.23. GAAP EPS were -$0.20 for Q1 compared to $0.13 per share for the prior-year quarter.

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 30.4%, 980 basis points worse than the prior-year quarter. Operating margin was -16.0%, much worse than the prior-year quarter. Net margin was -9.6%, much worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $500.5 million. The average EPS estimate is $0.53.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 159 members out of 186 rating the stock outperform, and 27 members rating it underperform. Among 46 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 40 give Cray a green thumbs-up, and six give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cray is outperform, with an average price target of $19.33.

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