Apple Inc. will report its third quarter earnings Tuesday, and expectations are high as Wall Street looks for success in a period that typically sees slow sales for the iPhone maker.

Analysts polled by Thomson Reuters Eikon expect Apple (NASDAQ:AAPL) to report $38 billion in revenue, up 7.4 percent from the same period last year. The Cupertino, California-based manufacturer is also expected to rake in profits of $7.47 billion, with earnings per share up 15 percent to $1.23.

Apple usually does not announce any new products in the third quarter, instead traditionally debuting the latest iPhone in the third quarter. Therefore, customers usually wait on a purchase, which leads to tapering sales. As iPad sales growth cools, Apple’s share price is once again determined mostly by iPhone sales.

Apple Q2 2014 Earnings Report Results Second Quarter 2Q
Apple Inc. (NASDAQ:AAPL) is expected to report unseasonably high sales for its second quarter (Q2). iPhone sales are traditionally slow from April to June, but analysts say 2014 will be a little different. Photo: Reuters

However, according to researchers, that should not be much of a problem. The research firm Counterpoint says Apple vastly outsold Samsung in May, even as customers start wondering what’s coming in the next iPhone model. Sales figures from April to June 30 may not be the most important aspect of Apple’s third quarter earnings, as the manufacturer will also issue guidance on July through September.

Apple’s guidance on third quarter sales will help determine whether sapphire screens and other components will truly delay shipments of the iPhone 6, which is expected to ship in two sizes; one with a 4.7-inch display, the other with a larger, 5.5-inch display. A delayed release date for the popular smartphone could disappoint investors.

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Apple will report earnings after the market closes Tuesday, and discuss them in a conference call scheduled for 2 p.m. PDT (5 p.m. EDT).