On Tuesday October 18, 2011, 7:21 pm EDT
SAN FRANCISCO (Reuters) - Apple Inc stunned Wall Street by reporting results that missed expectations for the first time in years, blaming rumors of the new iPhone for hurting demand in the September quarter.
Shares of Apple fell 7 percent in extended trading on Tuesday, wiping some $27 billion off the value of the world's largest technology company.
It was Apple's first quarterly earnings under Chief Executive Tim Cook, who took over from Steve Jobs in August at a critical juncture for the company. Apple is battling Google Inc in the mobile arena, as well as other challengers such as Samsung and Amazon.com Inc.
"Investors are going to start to speculate that there is change under way now that Jobs is gone, and that there's trouble ahead. We don't share that point," said Channing Smith, co-manager at Capital Advisors Growth Fund, which holds Apple shares.
Wednesday, October 19, 2011
Apple blames iPhone rumors for disappointing results
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