With Apple Inc. (NASDAQ:AAPL) set to report Q3 earnings today, the iPhone 8 is on everyone’s mind. There are fears that the 10th anniversary iPhone could be delayed from its planned fall release. Any confirmation — or even a hint — of that possibility in the earnings call could spook investors and hit APPL stock. Making matters worse, there was a huge Apple leak yesterday, confirming details about the new iPhone the company has been fighting to keep under wraps — and the source of the leak was AAPL itself.

While the iPhone 8 is obviously a big deal, AAPL has another big release coming later this year: the HomePod.

If the company’s expensive new smart speaker is going to have a successful launch and rack up real numbers against Amazon.com, Inc.’s (NASDAQ:AMZN) Echo, it’s important to familiarize developers with the device. So several days ago, AAPL published the firmware for the HomePod. The Siri-powered speaker runs a version of iOS 11, the same operating system that will power the iPhone 8.

Apple Leak Confirms Key iPhone 8 Details

And that’s where the trouble began …

As developers scoured the code, they quickly made a huge discovery. AAPL engineers had failed to scrub the code of references to future products — something that is usually done to maintain secrecy. In the HomePod code were multiple references to the upcoming iPhone 8, including an icon that confirms what the new smartphone will look like, and references to key features.

It’s the biggest Apple leak in years. Apple itself is responsible. And it’s all hitting just as the company gets set to report its earnings, amid strong rumors that its all-important flagship device could be delayed. The potential is there for a perfect storm that could hit AAPL stock hard.

What the Apple Leak Says About the iPhone 8

The single-biggest reveal in the HomePod firmware is an icon that represents the iPhone 8. It confirms what has been the prevailing theory about what the iPhone 8 will look like: minimalist bezels, no Home button and a split at the top of the screen where the display panel wraps around either side of the front-facing camera and sensors.

In the code were references to a split UI, suggesting the iPhone 8 will display status information such as battery level at the top of its display on either side of the camera.

The Home button is gone, but the rumor that AAPL would manage to include Touch ID functionality under the display appears to have been quashed. It’s not referenced in the HomePod code. However, there are references to using infra-red facial recognition to unlock the new iPhone. In addition, AAPL’s Photos app and ARKit — Apple’s augmented reality platform — get enhanced functionality thanks to an advanced front camera with depth sensors.

Another developer found references to an “iPhone 10” and an “iPhone Pro” so even the iPhone 8 name is in doubt at this point. And iPhone Pro has been in discussion as a possible name for that new iPhone since last year.

Apple Leaks Can Impact AAPL Stock, But Not Always

Last October, two days before AAPL was set to introduce an all-new MacBook Pro, the company accidentally leaked images of the new laptop in a macOS Sierra update. That Apple leak kicked off a slide in AAPL stock, knocking off 2% of its value going into the actual event and official reveal with a spike in the stock changing hands in those two days.

The mother of all Apple leaks was another iPhone. An Apple engineer actually misplaced a working iPhone 4 in a bar a month and a half before its release. The iPhone was sold to a tech website, Apple’s lawyers quickly got involved and police raided a journalist’s home. The cat was completely out of the bag.

However, from the point the first photos of the misplaced iPhone 4 were published to Apple’s legal efforts and then the police raid, AAPL stock barely budged.

At this point, there has been no real impact from Apple’s accidental iPhone 8 leak. Obviously, the company is disappointed that much of the “wow” factor for its September iPhone event is gone. It’s no longer rumor, we now know what the iPhone 8 is going to look like, we know its key features and we even know it may end up being called either the iPhone 10 or iPhone Pro.

The real test will be later today, when the combination of the Apple leak, Apple’s earnings — including iPhone sales — and potential mention of an iPhone 8 delay could combine to spook investors and hit AAPL stock.

As of this writing, Brad Moon did not hold a position in any of the aforementioned securities.