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.
Apple shares plummet
Apple's shares plummeted in after-hours trading today, nearly $19 per share or just over 12 percent to stand at $136.82 as of 5:35PM ET. Shares had already lost about 3.5 percent during normal trading hours on volume of about 85 million. That means Apple's shares are off more than 30 percent from their 52-week high of $202 reached in late December, 2007. Propelling the earnings decline was Apple's earning forecast. For its second quarter, Apple expects earnings of about 94 cents per share on about $6.8 billion in revenue. Analysts expected earnings of $1.09 per share on revenue of $6.98 billion. This despite the fact that Apple is predicting a 29 percent increase in revenue year-over-year, while last march revenue grew only 21 percent.
First Look at Stox
Stock trading is becoming increasingly popular as a way for individuals to make money for large expenditures, while some individual investors even make a living from the practice either professionally or privately. As Mac systems become more popular, the need for Apple's platform to fit in with all aspects spurred ProSoft Engineering to unveil a new stock monitoring application called Stox. The software, which is published under its consumer brand, JoeSoft, is designed to allow users to track stock portfolios as well as trading transactions. Stox also supplies users with pertinent information about the past, present, and potential future of chosen investments. [corrected, updated]