Apple stock drops after low 1Q gains

Published:

SAN FRANCISCO -- Apple's holiday season proved to be a disappointment even though the company sold a record number of iPhones and iPads during its latest quarter.

The fiscal first-quarter earnings released Monday topped analyst projections, but Apple sold fewer iPhones than Wall Street had been anticipating. Management also forecast revenue for the current quarter that fell below analysts' predictions.

Those letdowns caused Apple's stock to shed $41.62, or more than 7.5 percent, to $508.88 in extended trading after the release of results.

The Cupertino, Calif., company sold 51 million iPhones during the three months ending Dec. 28. That marked a 7 percent increase from the previous sales record of nearly 48 million iPhones set a year earlier.

Want to leave your comments?

Sign in or Register to comment.