It’s quarterly earnings season and on Thursday, investors will have a close eye on the news as Apple’s Q2 earnings are revealed.

The news for Apple Inc. (Nasdaq: AAPL) has been up and down since the coronavirus was first reported in China, where many of Apple’s products are manufactured.

Then, just about everything that could go wrong did.

Over a 12-day period at the end of February 2020, Apple shares plummeted more than 8% as the company said supply of its iPhone fell and demand for products from China followed suit.

In fact, Apple became one of the first big companies to withdraw its full-year guidance because of uncertainty surrounding the coronavirus.

What’s Happened to Apple So Far?

Just like every other company on Wall Street, Apple’s shares cratered February into March.

In fact, after reaching a 52-week high of $328 in January 2020, the stock shed more than $100 from its share price by the middle of March.

Apple's Q2 earnings

However, since then, the company has rebounded to trade at around $283 per share — a 26% jump from its March low.

Apple still plans to release new products this year, but that could be pushed back as its Chinese supply chain gets back on its feet. It’s likely the mass production of the new iPhone 12 will be pushed back by about a month — pushing the launch into October. Apple traditionally launches new phones in September.

A big reason for the delay is that Apple engineers cannot fly to China to work on verification, so the company is attempting to do it remotely, but that takes more time.

The new phone will come in two sizes and will include the capability to handle 5G networks.

While the release date of the new iPhone is pushed back, it could still come in time for holiday sales — when Apple cashes in the most on new products.

What to Expect With Apple’s Q2 Earnings

While the outlook for the rest of 2020 doesn’t seem at all bad, expect Apple to report lower sales.

The lockdown in China during the first quarter pushed demand in one of the largest markets in the world to a near standstill. That will carry over a bit into Apple’s Q2 earnings.

Despite the lower sales, Apple has found a way to survive the coronavirus outbreak without a lot of long-term damage.

One thing that has helped the company is its price cuts on its iPhone XR model, following the release of its iPhone SE.

Analysts expect Apple to report earnings per share of around $2.37 on revenue of $57.4 billion. That seems pretty close to where the company should be for its Q2 earnings.

It will be a year-over-year drop to be sure, but the drop should not be as bad as some might expect.