When Apple reports second-quarter earnings on Tuesday after the bell, sales will be down from the same time last year. That's according to Apple's own guidance.

Apple has been pummeled in the headlines all year. On January 2, Apple said that its critical holiday quarter revenue would be $7 billion short of its previous projection because iPhone sales had taken a beating in China.

Since then, Apple has made the rare move of cancelling a previously announced product, held a strange invite-only event at its campus without any new hardware products and missing critical details on the products it did announce, and most recently, settled a legal war with Qualcomm and paid it a one-time amount analysts believe to be in the billions.

Yet Apple stock keeps going up.

Since Apple pre-announced disappointing first-quarter earnings with shrinking revenue on an annual basis, the stock up over 43%, and last week, several Wall Street analysts covering Apple even upgraded their price targets for the stock. Apple now has a market capitalization over $965 billion, up from about $674 billion on January 3.

This streak is coming as it's become increasingly clear that iPhone unit sales are likely to decline year-over-year — but Apple stopped reporting those numbers late last year. Morgan Stanley is forecasting 42 million iPhones, and last year Apple sold 52 million during the same quarter.

"There's nothing good you can say about fact that they stopped reporting unit sales," D.A. Davidson analyst Tom Forte said.

"Looking at our model and our projections for iPhone sales, as it pertains to the March quarter, we're not looking for anything magical on iPhone or on China," Forte said.

Here's what Wall Street is expecting for the quarter, according to Refinitiv consensus estimates: