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Apple (AAPL) Shares Plummet Following Shocking Q4 Miss; Issues Strong Outlook

October 18, 2011 4:48 PM EDT Send to a Friend
Shares of Apple (Nasdaq: AAPL) are slumping after hours Tuesday following weaker-than-expected earnings and revenue growth from the Cupertino, CA-based tech and media giant.

Revenue in the quarter grew 39 percent from $20.343 billion in the fourth quarter of 2010 to $28.270 billion.

Net income jumped 54 percent to $6.623 billion, or $7.05 per diluted share.

The Street was expecting revenue of $29.45 billion and earnings of $7.28 per share.

iPhone sales totaled 17.07 million, up 21 percent, Apple moved 11.12 million iPads, up 166 percent, and 6.62 million iPods, a decline of 27 percent. The company sold 4.89 million Macs during the quarter, a 26 percent unit increase over the year-ago quarter.

Gross margin was 40.3 percent compared to 36.9 percent in the year-ago quarter.

"Customer response to iPhone 4S has been fantastic," commented CEO Tim Cook. "We have strong momentum going into the holiday season, and we remain really enthusiastic about our product pipeline."

Looking ahead, Apple expects first quarter 2012 revs of about $37 billion and EPS of about $9.30. The Street sees EPS of $8.98 and revs of $36.63 billion.

Shares are down 5.5 percent in post-market trading.




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Comments

Apple
MtnMan on 2011-10-19 06:07:45
Mark as Spam | Reply to this comment

Apple reported
revenues for the quarter +82%
earnings for the quarter +125%
cash flow for the quarter +131%
How come none of this information is reported in this article?


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