Apple (NASDAQ: AAPL [FREE Stock Trend Analysis]) is only a few hours away from reporting its fiscal 2013 second quarter results.

During the first quarter, Apple set a new world record for the iPhone, selling nearly 48 million units. This figure included the sale of three models: the iPhone 4, iPhone 4S and iPhone 5.

Despite the company's massive success, some analysts were disappointed with Apple's results because they believed that the Mac maker would sell 50 million iPhones.

Analysts have much lower expectations for the second quarter.

Sterne Agee lowered its Price Target from $630 to $610, which is still significantly higher than the company's current value of roughly $404 a share.

Monness Crespi Hardt lowered its PT even further, going from $670 to just $520.

BGC Partners did the same. While the company upgraded Apple from Hold to Buy, BGC lowered its PT from $550 to $500.

Regardless, Apple could be on track for another record-breaking quarter.

During the fiscal 2012 second quarter, Apple sold 35.1 million iPhones. According to DRAMeXchange (a division of global research firm TrendForce), Apple sold 37.5 million iPhones during the fiscal 2013 second quarter.

This would set a new record and allow Apple to actually beat the Street's estimate of 36.5 million units.

While any level of growth is good for Apple, the company is not growing as quickly as the global smartphone market. Consequently, DRAMeXchange expects Apple's market share to decline from 18.8 percent in 2012 to 15.3 percent in 2013.

At the same time, DRAMeXchange reported that Samsung acquired nearly 30 percent of the global smartphone market during the March quarter. Global smartphone shipments also achieved a new high, with more than 216 million units shipped worldwide.

With 30 percent of the market, Samsung is believed to have shipped 65 million smartphones during the quarter.

"As for Apple, the iPhone 5 has been unable to satisfy consumers' desire for innovation, and shipments were unsatisfactory as Android manufacturers have stepped up to the plate," DRAMeXchange wrote in its report.

"The Cupertino company shipped a mere 37.5 million units in the first quarter, giving them 17.3 percent market share, a decrease of 1.2 percent from the previous quarter. Currently, circumstances surrounding the announcement of Apple's new device are unclear, while Samsung, HTC, Sony (NYSE: SNE), and other global corporations are planning product unveilings for the second quarter, which will likely lead to another dip in Apple's shipments."

Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at 248-636-1322 or louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ

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