updated 06:22 pm EDT, Tue July 24, 2012
Share price drops $30 on news of Apple missing estimates
Apple stock has already fallen roughly $30 in afterhours trading, following the announcement of the company's third-quarter results. Although it was hovering around the $600 mark at 5PM Eastern time, at 5:30 that figure plummeted to roughly $570. It continues to sit at that level as of this writing.
The tumble is likely connected to the company's revenue and EPS numbers. While Apple grew revenue 23 percent year-over-year to $35 billion, generating $9.32 in EPS, the Wall Street consensus prediction was $37.2 billion in revenue with $10.35 in EPS. Apple rarely disappoints analysts, which may have been an excuse for a number of investors to sell off their shares.