Mizuho: Apple Outlook Implies Big iPhone Slowdown

Apple Inc. AAPL's revenue forecast for its current quarter implies a significant slowdown in smartphone sales, an analyst said Monday.

Apple, which beat fiscal second quarter expectations after the bell Monday, changed hands recently at $134.91, up 1.7 percent.

See Also: Apple Beats Q2 Estimates, Lifts Dividend

The company predicted revenue for the current period of between $46 billion and $48 billion, down roughly 19 percent from $58 billion in the recent second quarter, but above the $47 billion estimates.

Apple also boosted its quarterly dividend 11 percent.

"The outlook likely includes about $2 billion in Apple Watch sales and implies a significant slowdown in iPhone sales," Mizuho's Abhey Lamba said in a note issued after the company's earnings report.

Lamba maintained a Neutral rating and $115 price target on the company, and said he's waiting to hear Apple's conference call comments.