Apple Misses Wall Street Estimates, Shares Fall

The delayed launch of the iPhone 4S meant the company didn't sell as many smartphones as expected.

Bloomberg: For the first time in six years, Apple earnings failed to meet analysts expectations, causing the stock price to fall. The company announced that it earned $6.62 billion, or $7.05 a share, in its fourth fiscal quarter, missing analysts' average expectations of $7.31 a share.

One key reason for the lower-than-expected profits was the late release of the iPhone 4S. Many potential customers put off buying an iPhone until the new phone became available, causing Apple to sell fewer phones than analysts anticipated.

Tags: Apple, earnings

0 Comments (click to add your comment)
Comment and Contribute


(Maximum characters: 1200). You have characters left.



IT Management Daily
Don't miss an article. Subscribe to our newsletter below.

By submitting your information, you agree that datamation.com may send you Datamation offers via email, phone and text message, as well as email offers about other products and services that Datamation believes may be of interest to you. Datamation will process your information in accordance with the Quinstreet Privacy Policy.