Apple Inc. (AAPL) Shares Plunge on Warning
Apple Inc. blew past Wall Street's bullish expectations in the first quarter with a 57 percent jump in profit, but a dramatically lower forecast sent shares plunging on fears about slowing consumer spending on electronics.
The Cupertino-based company's report, released after the market closed Tuesday, reinforced investors' worries that even a hot company like Apple isn't immune from sluggishness in the U.S. economy or fears of a recession.
The company forecast profit of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue is also expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts.
The Cupertino-based company's report, released after the market closed Tuesday, reinforced investors' worries that even a hot company like Apple isn't immune from sluggishness in the U.S. economy or fears of a recession.
The company forecast profit of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue is also expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts.
Labels: AAPL, Apple Inc.
posted by Stock Administrator @ 6:10 PM
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