Last 4 quarter AAPL earnings report release date:
(1) No matter beat or miss, we are not sure if the share will gap up / gap down / trend slowly. No guarantee.
(2) No matter beat or miss, Implied Volatility will be high a few days before the earning date.
(3) No matter beat or miss, the gap between Implied volatility and Realised volatility will narrow back after earning date.
Thus a more viable strategy will be to trade the spread between IV and RV, instead of trying to predict whether the stock will gap up or gap down.
Thus volatility arbitrategy trading makes more sense than trend or counter trend trading during earning announcement dates.