An analysis of Apple's financials by JP Morgan suggests that Apple is heading into its earnings report with iPhone supply and demand imbalances largely settled, leaving margins and cost pressure as the issues that will decide the rest. In an earnings preview seen by AppleInsider , JPMorgan says investors already have a clear read on iPhone performance in the current cycle. Focus is now turning to profitability as rising component costs begin to weigh more heavily on results. JPMorgan expects revenue of about $112.7 billion for the March quarter, ahead of consensus, with iPhone 17 sales driving most of the upside. Mac sales are also expected to contribute, supported by recent product updates and steady upgrade demand. Performance in China helps explain the strength behind those numbers. Apple saw iPhone sales rise 20% year over year in the first quarter of 2026, beating domestic rivals including Huawei and Xiaomi.…