Apple sells a lot of iPhones during the holiday season and much fewer in the first calendar quarter of the year.But investors will still be looking for slight annual growth, as well as any sign that Apple expects the redesigned iPhone coming out this fall to be a hit.On the other hand, the historically strong dollar caps Apple's earnings upside.

Here's what Wall Street expects from Apple's key earnings figures, via Bloomberg:Q2 EPS (GAAP): $2.02, up 5.9% year-over-yearQ2 revenue: $53.079 billion, up 4.9% year-over-year.

Gross margin: 38.71%iPhone unit sales: 52.21 million (compiled by Philip Elmer-DeWitt)Apple forecasts between $51.5 billion and $53.5 billion in sales in this quarter.

Here are some key questions that analysts want answered:How does Apple see the upcoming iPhone "Super Cycle?

So if the iPhone launched this fall is impressive, it could spur a "Super Cycle" of sales.Analysts want to hear if Apple CEO Tim Cook or CFO Luca Maestri give any perspective on whether Apple sees this as a real possibility or how the company is preparing for substantial demand.

Apple's 2nd fiscal quarter is when Apple usually discusses its capital return program.Apple had $246.1 billion in cash and marketable securities and $87.5 billion in debt at the end of last quarter, according to Drexel Hamilton analyst Brian White.

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