Apple's Shares Hit Lowest Level Since July Following Earnings Call
October 26, 2012
Despite bringing in $36 billion in revenues and a $8.2 billion profit during the last quarter, Apple can’t seem to catch a break from investors. The company’s stock has dropped significantly since they announced fourth quarter earnings on Thursday. Shares are now trading below $600 for the first time since July after hitting a record $705.07 in mid-September.
For the previous quarter, Apple sold an unexpected 26.9 million iPhones, which was a 58 percent increase from the same period last year. However, most investors are being more influenced by the company’s iPad figures.
From July through September, Apple sold 14 million tablets, which was an increase of 26 percent from 2011. However, most analysts were expecting sales closer to 17 million.
Regardless, the company is poised to have an incredible holiday quarter, which began Oct. 1. Not only will the company likely see a significant number of iPhone 5 sales, but the new iPad mini and iPad with Retina display should also be making a splash.
Announced earlier this week, the two new iPads are available for preorder and go on sale officially next Friday, Nov. 2.
