Apple (AAPL, Financial) will release its fiscal second-quarter results on Thursday. Morgan Stanley said investors should look beyond the March quarter beats and the June outlook for clues to the company's longer-term narrative.

Analysts led by Erik Woodring expect iPhone sell-in pull-forward and a softer U.S. dollar to drive modest upside to the March report. They forecast the June revenue guide to be in line with consensus.

Apple's first-quarter GAAP earnings were $2.40 per share, beating estimates by $0.06. Revenue of $124.3 billion, up 3.9% year-on-year, topped forecasts by $270 million. “Our record revenue and strong operating margins drove EPS to a new all-time record and allowed us to return over $30 billion to shareholders,” CFO Kevan Parekh said.

Parekh added that Apple's installed base of active devices reached a new all-time high across all products and geographic segments. The board declared a cash dividend of $0.25 per share, payable Feb. 13 to holders of record on Feb. 10.

The company also added $110 billion to its share buyback programme. Woodring said many key debates are unlikely to be addressed in this upcoming print. He flagged supply-chain tariff mitigation, an updated Siri launch timetable, and China's Apple Intelligence approval as areas to watch.

Investors should also listen for any indication of price increases to offset escalating tariffs. These strategic levers could shape Apple's growth trajectory amid geopolitical pressures. Morgan Stanley expects the stock to remain range-bound, with $170 as a near-term floor and $235 as a longer-term ceiling.

The firm does not view the May print as a major catalyst. Consensus estimates for the second quarter call for earnings per share of $1.61 on revenue of $94.06 billion. Apple will report results after U.S. markets close on Thursday, May 1.