Attendees look at the new iPad Air during an Apple announcement at the Yerba Buena Center for the Arts on October 22, 2013 in San Francisco, California. The tech giant announced its new iPad Air, a new iPad mini with Retina display, OS X Mavericks and highlighted its Mac Pro. - 

Apple is unveiling its latest earnings report this afternoon. The company has slew of new products out ranging from the iPhone 5S to its multi-colored, slightly cheaper sibling the 5C -- two products considered evolutionary, rather than revolutionary. As a result tech analyst Jeff Kagan doesn’t expect Apple’s numbers to  to surge ahead of its competitors.

“It’s not really going to transform the marketplace at all,” Kagan says.

Apple’s new iPhone product launches have also lured a shrinking portion of iPhone users.

When Apple introduced the 4S two years ago, the phone accounted for nearly 70 percent of iPhone sales.

“The [iPhone] 5 in contrast then accounted for something like 50 percent after a few months,” says Mike Levin, with Consumer Intelligence Research Partners.

Investors will find out today whether these upgraded products will help Apple fend off competition and boost declining profits.

Follow David Weinberg at @@randomtape