Apple results fail to meet forecasts
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Wednesday 19 October 2011
Apple shocked investors with results that missed forecasts for the first time in years, blaming disappointing sales of old iPhones while consumers were waiting for the new iPhone 4S.
Almost $27bn was wiped from the value of the company as its shares tumbled 7 per cent in trading after last night's announcement. It was Apple's first quarterly earnings under chief executive Tim Cook, and the first since the death of Steve Jobs, but the results were for the period only until near the end of September, before the iPhone 4S went on sale.
Apple said it sold 17.07 million iPhones in its fiscal fourth quarter – well short of the roughly 20 million forecast by analysts. The iPhone is Apple's flagship product, yielding some 40 percent of annual sales.
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