Talk about a tough act to follow. When Apple last reported earnings in January, it posted a quarterly net income of $18 billion—the most profitable quarter of any publicly traded company ever. Apple's encore will be announced later today when it reports quarterly results for the three months ended March 28. Of course the numbers won't surpass the prior quarter yet analysts expect a solid quarter.

According to a Wall Street Journal (WSJ) report, "Analysts estimate that Apple generated earnings per share of $2.16 on revenue of $56.1 billion in the March quarter. In the year-ago period, Apple reported earnings of $1.66 a share, adjusting for a subsequent stock split, on revenue of $45.6 billion.

The slowing growth of the smartphone market is pressuring prices lower and intensifying competition among handset manufacturers, but Apple is staying above the fray. With its latest iPhones, Apple is pulling off a feat rarely seen in any industry—gaining market share even as it raises prices.

The WSJ report further noted that "Credit Suisse analyst Kulbinder Garcha said Apple is retaining 90% of iPhone users, and winning customers away from high-end smartphones running Google's Android software. He estimates that 400 million iPhones were in use at the end of 2014.

As a result, Mr. Garcha said the seasonal drop-off in iPhone sales in the March quarter won't be as sharp as in the past. He estimates that Apple sold 60 million iPhones during the quarter, down from 74.5 million in the December quarter, but 37% higher than the 43.7 million sold in the same period a year earlier. Stifel analyst Aaron Rakers expects about the same as well. For more on this, see the full WSJ report here.

Another report that you might want to check out on the topic of Apple's earnings today is one from CNN titled "10 things you must know about Apple before earnings."

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