Around the Net
Apple Misses Revenue Target
- San Francisco Chronicle, Thursday, October 20, 2011 9:45 AM
Apple posted revenue below analysts' expectations on Tuesday, as iPhone sales slowed during the run-up to a new model released last week. In the company's fourth fiscal quarter, it earned $28.27 billion and posted a profit of $6.62 billion ($7.05 per share). Revenue increased 39% from the fourth quarter last year, and profit was up 54%.
Though it was Apple's second-best quarter ever results failed to meet the expectations of analysts, who predicted revenue of $29.6 billion and profit of $7.31 per share, according to data compiled by Bloomberg. It was the first quarter that Apple missed expectations in at least 32 quarters. Apple shares dropped on the news, falling more than 6% in after-hours trading.
