P.M. BRIEFING : Apple Reverses Itself, Predicts Drop in Earnings, Slower Sales
From Times Wire Services
CUPERTINO, Calif. —
Apple Computer Inc. today reversed itself and projected a decline in earnings in the first quarter of fiscal 1990 and said sales will grow more slowly than previously predicted.
The personal computer maker made its surprise announcement just two weeks after a top Apple executive told security analysts in New York that it expected worldwide sales growth of more than 20%.
Apple’s stock was off $3.25 a share to $36 in over-the-counter trading early today.
Donald P. Casey, vice president of networking and communications systems, also told the analysts at a personal computing conference on Nov. 29 that Apple expected sales growth in this country of 15% to 18%.
