Apple Announces Revenue and Earnings Shortfall For Quarter
Apple Announces Revenue and Earnings Shortfall For Quarter
by , 8:40 PM EDT, June 18th, 2002
After Tuesday's market close Apple Computer announced that revenues and earnings would be below original estimates by about ten percent. Apple is now estimating revenues for its third fiscal quarter will be between $1.4 billion and $1.45 billion versus the $.16 billion originally estimated. Earnings per share will be between $.08 and $.10 per share versus Apple's April forecast of $.11 per share.
In a Reuters report on the Apple revenue and earnings warning, Fred Anderson, Apple's CFO, indicated that sales in Japan and Europe were particularly hard hit and that Apple's sales shortfall was in line with sales declines in the broader consumer PC business.
In after hours trading Apple's share slid as low as $17.30, but some analysts expect the stock to recover much of the loss on Wednesday, noting the slide may be an overreaction to market realities.
Apple issued the warning after Father's Day and seasonal graduation gift sales failed to hasten the pace of product sales following the traditionally slow April and May periods.
Check out the new and vastly improved Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings!
For full quotes on all the companies mentioned in this article, we have assembled a set of stock quotes at Yahoo! for your reference. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
Observer Comments
Comments are currently closed. Please email the author instead.
Recent Headlines - Updated February 13th
- Mon, 8:20 AM
- News - Steve Jobs Given Trustees Award at the Grammys
- Sat, 4:11 PM
- MacOS KenDensed - MacOS KenDensed: iPad 3 Frenzy, Big-time Apple & Steve Jobs, G-Man
- Fri, 8:10 PM
- News - Apple Sues Motorola Mobility in California Over German Case
- 7:54 PM
- Free on iTunes - OnLive Desktop: Windows & Office on Your iPad
- 7:43 PM
- Product News - Apple Rolls Out MacBook Air Configurations for Education
- 6:35 PM
- Just a Peek - Battle Pocket Bulge With The Hint for iPhone
- 6:01 PM
- Rumor - Apple Reportedly Bringing MacBook Air Styling to Pro Line
- 4:50 PM
- Particle Debris - The Hidden Gotchas of Browser Security
- 3:56 PM
- Apple Stock Watch - Analyst: Paying a Dividend Makes Sense for Apple
- 2:58 PM
- Deal Brothers - iMac 27-inch 2.93GHz Intel Quad-Core i7 processor: $1,999
- 2:45 PM
- In-Depth Review - Theodolite App for iOS is Breathtaking
- 12:52 PM
- Apple Stock Watch - Mizuho Securities Starts Apple Coverage with $635 Target
The Mac Observer Reader Specials
TypeStyler 11 is now in the Mac App Store!! -- Special Introductory Price of $59.95!! -- To Buy From The Mac App Store Click Here Now!! Or buy direct
from Strider Software.
Mac RAM Upgrades: MacBook Pro 16GB kits $475, 8GB Kits for $119.99! iMac 16GB RAM Kits (4x 4GB) for $229.99! Mac Pro Memory 32GB Kit for $399.99, 64GB Kit for $889.99! Mac Hard Drives 2TB Seagate SATA II for $249.99! Click Here!
If you're using a Mac, then you've gotta check out Online Poker Mac.
This mac poker and online casino mac site
actually does the unthinkable, it actually rewards!
