Apple stock dips to near $600 after poor iPad sales
Just one month after soaring above $700 a share, Apple stock is now flirting with falling below $600.
Apple released fourth-quarter results Thursday afternoon, and its stock is now hurting after the company missed on two important figures: iPad sales and earnings per share.
The company posted results of $8.67 per share for the quarter, but analysts had expected $8.75. Apple reported revenue of $36 billion, which was slightly above projections for $35.8 billion.
Additionally, Apple sold 14 million iPads during the quarter, which was below analysts’ expectations of 15 million.
Apple earlier this week released new computers and announced the new iPad mini as well as the fourth-generation iPad.
“We were happy with the 14 million iPad sales in the quarter. It exceeded our expectations,” Apple chief financial officer Peter Oppenheimer said, according to Reuters. “But as the summer went on, the rumors were pretty rampant about the iPhone and iPad.”
The stock fell more than 1% to $609.54 per share during the regular session, then dropped off as low as $600.50 in after-hours trading before recovering to $606.
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