Apple will today release its earnings for financial Quarter 3 of 2007. The results are expected to “wow” wall street but yesterdays iPhone figures from AT&T have shaken up some analysts.

It is important to note that yesterdays announcement from AT&T was based on just 30 hours of sales due to AT&T’s financial quarter ending the day after iPhone sales began.

In an interview following AT&T’s conference call AT&T Chief Financial Officer Rick Lindner said that “Apple will report a larger number than 146,000 for iPhone sales.”

Apple shares fell 6.1 percent yesterday, after analysts said demand was slowing.

Investors may have overreacted, said James Grossman, a fund manager at Thrivent Financial for Lutherans in Appleton, Wisconsin. “I watched firsthand the complete hysteria early on,” said Grossman, who helps manage $65 billion including Apple stock, and waited in line for an iPhone himself. “I find the 146,000 to be shockingly low given what I saw. I don’t think that reflects the sales.”

Apple may have sold 200,000 phones in the quarter, Piper Jaffray analyst Gene Munster said yesterday. That’s in line with his initial estimates and compares with the 500,000 projected by some analysts after weeks of anticipation, said Munster. RBC Capital Markets said today that the AT&T figures may be misleading and Apple may have sold as many as 450,000.

It is widely expected for Apple to announce earnings of $654 million or 72 cents per share, this is up from $472 million or 54 cents per share a year ago. Sales are predicted to increase 22 percent to $5.32 billion.

Apple is being said to have shipped around 1.7 million Macs, but iPod sales are expected to drop to 9.6 million units down from 10.5 million in the second quarter of 2007.