After Tuesdayis 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 Appleis April forecast of $.11 per share.

In a Reuters report on the Apple revenue and earnings warning, Fred Anderson, Appleis CFO, indicated that sales in Japan and Europe were particularly hard hit and that Appleis sales shortfall was in line with sales declines in the broader consumer PC business.

In after hours trading Appleis 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 Fatheris 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 Appleis 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 Appleis stock activity, visit our updated Apple Stock Watch Special Report.