As we pretected in our article from today: War Started, Apple stock went crushing in what seems to be an awful day for the company. Apple stock has dropped by almost 8% and loosing tens of Billions from its worth.
Another reason for Apple’s bad results, apart from the dispute with Samsung and other major tech companies was that it sold fewer iPhones than expected in the past three months, and offered a weak outlook for the current quarter.
The biggest technology rally since October was knocked cold, as disappointing earnings reports punished Microsoft Corp. and left Apple Inc. in danger of its worst-ever loss of market value.
Overall, Apple's sales and profits were strong. In its fiscal third quarter, Apple (AAPL, Tech30) recorded revenue of $49.6 billion. Financial analysts polled by Thomson Reuters expected sales of $49.4 billion.
But the company sold "just" 47.5 million iPhones. While that's up a stunning 59% from a year ago, the number of iPhones sold last quarter is still fewer than the 49 million analysts had forecast.
There was plenty of good iPhone news for Apple to cheer about, though.
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