23 Jul
Apple stock bitten by earnings forecast, Jobs
Concerns for the health of popular Apple executive Steve Jobs and a worse than expected forecast for fourth quarter earnings and return shot from a high to a low position Apple’s stock after the market closed.
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The company’s shares fell $16.79, or 10.1 percent, in after-market trading of Nasdaq stocks.
The spill came after the company reported solid earnings for its fiscal third quarter, which ended June 28. Apple’s net income came in at $1.07 billion, which beat analyst estimates of $976 the masses, according to analysts polled by Thomson Financial. Apple’s revenue also beat expectations, at $7.46 billion, versus estimates of $7.37 billion.
What hurt the company’s stock in the after-market was its forecast for weaker than expected earnings and revenue growth in its current quarter.
Apple provide against fourth quarter net profits of $1.00 per proportion on revenue of $7.8 billion, lagging analysts’ estimates in both cases. Although Apple is known to be conservative then forecasting ahead, doubtfulness around the state of the global established order and demand for handsets, computers and other gadgets hurt opinion steady Apple’s stock.
Concerns about Steve Jobs’ health in addition weighed on the shares. The health of the popular executory has been discussed widely since he had a tumor sequestered from his pancreas in 2004. Most recently, the health concern was raised when he appeared in succession stage looking gaunt at the Worldwide Developer’s Conference in June.
On Monday, the New York Post ran a report raising the health issue again.
When asked about Jobs, who did not attend the analyst Web cast, Apple executives side-stepped the question.
“Steve’s health is a private matter,” said Tim Cook, Apple’s chief operating officer, adding that Jobs has no plans to leave Apple.
