Earnings Preview: Apple seen posting solid 3Q

OVERVIEW: In early June, Apple unveiled plans to sell a faster, cheaper version of its iPhone, sending investors and consumers into a month-long tizzy.

The July 11 launch of the new iPhone--which uses third-generation, or 3G, wireless networks--was marred by software troubles. The first day it went on sale, new buyers and existing iPhone users trying to upgrade their devices overwhelmed Apple's servers.

While the U.S. economy remained shaky in the quarter, research groups this week reported better-than-expected PC sales worldwide, which bodes well for sales of Apple's Mac personal computers in the quarter.

The iPhone may also be less affected by economic jitters than some investors fear, if Nokia's Thursday quarterly report is any indication. The leading handset maker's sales and profit topped forecasts, and the company said it expected the mobile phone industry to weather any global economic slowdown.

BY THE NUMBERS: In April, Apple said it expects to earn about $1 per share on $7.2 billion in sales for its June quarter.

Analysts surveyed by Thomson Financial forecast profit of $1.08 per share on revenue of $7.34 billion.

ANALYST TAKE: In a recent note to investors, Piper Jaffray analyst Gene Munster estimated sales of Mac computers rose 33 percent from a year ago, more than double the growth rate of the overall PC market.

Munster said he also expected iPod units sold in the quarter to top estimates, but said that unit sales wouldn't translate directly to revenue growth due to price cuts in the quarter.

The analyst rates Apple "Buy" with a $250 price target.