Apple Shares Tumble After-Hours on Disappointing Q2 Forecast [Update]
TMO Reports - Apple Shares Tumble After-Hours on Disappointing Q2 Forecast [Update]
by , 4:40 PM EST, January 18th, 2006
In after-hours trading on Wednesday, Apple shares had dropped to US$78.29, down 5.09% or $4.20, as of 4:40 PM EST, despite reporting record financial numbers for the previous quarter. Apple's stock historically drops after earnings announcements, whether they're good or bad. In this case, however, the markets reacted negatively to Apple's Q2 guidance, which was lower than consensus estimates.
The Wall Street Journal reported that Thomson Financial's estimate going into today's earnings announcement from Apple was for Q2 revenue of $4.63 billion and 48 cents per share in earnings. Apple offered guidance Wednesday of $4.3 billion in revenue and 38 cents per share in earnings.
Amid broader NASDAQ weakness, the company's stock closed Wednesday at $82.49, down $2.22 (-2.62%). After hours trading did see a slight recovery up to the $80 per share range after the initial downturn.
If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
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