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Apple Shares Drop Almost 11% in After-Hours Trading, Recover Some Loss

Apple Shares Drop Almost 11% in After-Hours Trading, Recover Some Loss

by , 7:30 PM EDT, October 11th, 2005

Despite reporting its best financial quarter ever, and despite posting a 2.42% gain to US$51.59 during the day, Apple saw its shares drop almost 11% during after-hours trading. The company sold 6.451 million iPods, short of many analysts' estimates of seven to eight million units, and its $3.68 billion in revenue was just below expectations.

Jim Fisher, a fund manager at Univest Wealth Management and an Apple shareholder, told Reuters: "Expectations for Apple's results were pretty high, and they needed to beat estimates for us to see a boost in the stock this afternoon. Revenue came a bit lower than expected and that's why we are seeing Apple dip a bit."

At 7:24 PM EST, however, Apple stock had recovered some of its losses, standing at $46.70 per share. That was down $4.89, or 9.48%, from its price at the end of normal trading.

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