Posted By RichC on January 23, 2008
Apple Inc. reported that their holiday quarter was strong showing profits were up 57% during the three months that ended December 29th. Unfortunately investors who are concerned that the slowing economy will ding Apple in 2008. Forecasts from Apple, which are usually conservative, were for a 94 cents per share this second fiscal quarter, far short of the $1.09 per share analysts were expecting. Traders and investors took this news negatively and sold shares at the opening bell; this drove AAPL down $18 per share, nearly a 13% drop today. There has been a significant decline from last month as shares of AAPL were as high as $202. Today shares are selling for less than $135.
Pre-market news this morning highlighted Apple, and the clip below includes a comical line by Steve Jobs while discussing the iPod threat from Microsoft’s Zune music player. Do you know someone with a Zune?