Citigroup (NYSE: C) Equity Research Predicts Better than Expected Results for Apple (NASDAQ: AAPL)

Citigroup’s Equity Research team issued a note to clients discussing Apple Inc’s (NADASQ: AAPL) event which revealed features which will be coming on the 4.0 version of the iPhone operating system and the implications that it may have on second quarter earnings.

Analyst Richard Gardner said that most of the new features unveiled by Apple CEO Steve Jobs were expected, but the addition of multi-tasking is the only “meaningful surprise.”

Gardner continued that Jobs did provide an important update on iPhone, iPod and iPad sales which he believes will result in a potential earnings per share of $2.75 to $2.90, well above the consensus estimates of $2.40

In his presentation, Jobs said that more than 50 million iPhones have been sold to date, indicating 7 to 8 million iPhone shipments during the March quarter, well above Citigroup’s estimates of 6.0 million shipments. According to Citigroup’s model, every 1 million iPhone shipments suggests an addition of $0.28 to fiscal second-quarter results.

Jobs also report that the company has sold a total of 35 million iPod Touch devices, indicating that second quarter units are above Citigroup’s 4.5 million estimate.

Gardner applauded the announced multi-tasking functionality for the iPad and that the new iAd system may spur additional interest in developers on eth iPhone application platform.