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AAPL Stock: 119 ( + 1.4 )

Printed from http://www.macnn.com

Apple's stock down 10% after-hours

updated 07:45 pm EDT, Mon July 21, 2008

Apple's stock down

Despite record setting earnings for the third quarter of 2008, Apple's stock is down sharply in after-hours trading. As of 4:45 PST, shares were hovering at $148.94, down $17.35 or 10.43 percent. Apple posted revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share for its fiscal 2008 third quarter ended June 28, 2008. In the best June quarter in its history, the company sold almost 2.5 million Macs, or a 41 percent increase from the year-ago quarter and over 11 million iPods.

However, the company also guided lower than analyst expectations for next quarter. "Looking ahead to the fourth quarter of fiscal 2008, we expect revenue of about $7.8 billion and earnings per diluted share of about $1.00," said Peter Oppenheimer, Apple's CFO. Analysts had projected profits of $1.24 per share on $8.32 billion in sales.

Apple said it shipped 2,496,000 Macs during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter. The Company also said it sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter. Quarterly iPhone units sold were 717,000 compared to 270,000 in the year-ago-quarter.

The news comes after Apple's quarterly financial report, where the company revealed it experienced its best June quarter in its history, where it had extreme success with retail and education markets. Apple also revealed its good fortune with overall revenue, and international product sales, where the bulk of its revenue came from North America.




by MacNN Staff

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Comments

  1. slider

    Joined: Dec 1969

    -6

    Economy?

    Me thinks it's people trying to shrug off stock in a shaky economy. What better time to sell than when things look good. Total guess though.

  1. eldarkus

    Joined: Dec 1969

    +4

    My guess...

    The comment about Jobs health.

  1. pt123

    Joined: Dec 1969

    0

    deferred

    On 2nd thought, maybe they should defer that iPhone revenue after all.

  1. pixelcruncher

    Joined: Dec 1969

    +1

    And they're off!

    Who can get out faster, the profit takers or the worriers? The profit takers will be back in the minute it bottoms out, and the price will be back up again in no time.

  1. 83caddy16v

    Joined: Dec 1969

    +1

    time to buy

    not sure if we'll go all the way back down near the $120 range again but after the initial rush down on Tuesday it should be a good time to pick up some more shares.

  1. jwengel

    Joined: Dec 1969

    +1

    wahoo!

    Another buying opportunity! This is craziness, but will take advantage of it (again)!

  1. PookJP

    Joined: Dec 1969

    +1

    Definite buy

    I bought after hours at $156 and, lo and behold, it kept falling. JFlex issues a strong buy rating.

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