How to read the meter on Apple's June quarter guidance

Neil Cybart, the winner of Q1’s Earnings Smackdown—and a player in Q2’s—has handicapped Apple’s Q3 revenue guidance.

From “Apple 2Q19 Earnings Expectation Meters,” a free weekly article posted Monday on Above Avalon:

Guidance: Consensus is calling for Apple to report $52B of revenue in 3Q19. My estimate is for Apple to announce 3Q19 revenue guidance in the range of $52B to $55B. There are two possible explanations for the difference: Wearables revenue expectations and different estimates for iPhone sell-through demand.

Cue the guidance meter:

My take: In past Earnings Smackdowns, Cybart, like Dickens, has seen the best of times and the worst. But more often than not he’s among the top 10.