No Worm in Apple, Yet Stock Falls

Record-high $1.5B earnings fail to placate nervous investors
By Zach Samalin,  Newser Staff
Posted Jan 22, 2008 10:23 PM CST
No Worm in Apple, Yet Stock Falls
Apple CEO Steve Jobs gestures during his keynote address at the MacWorld conference in San Francisco, Tuesday, Jan. 14, 2008. Apple Inc. is scheduled to report first-quarter financial results after the market closes Tuesday, Jan. 22, 2008. (AP Photo/Paul Sakuma, file)   (Associated Press)

Despite reporting record-high earnings, Apple saw its stocks fall more than 11% after the market closed today, the New York Times reports. Apple's lowered 2nd quarter earning expectations may have sparked the drop, analysts say, unless investors are anxious about the high-end electronics market in general as the US economy slows down.

"We'll leave the economic forecasting to others," said Peter Oppenheimer, Apple's CFO, who highlighted Apple's $1.58 billion earnings in the first quarter of 2008, up from $1 billion last year. Oppenheimer pointed to post-Christmas shopping lag and sluggish software sales to explain lower second-quarter projections. (More Apple stories.)

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