In the opening on Wednesday, the shares of Apple
Inc.(NASDAQ:AAPL) lost $22 billion of market cap after late Tuesday the iPhone
maker disappointed investors and analysts by reporting third quarter earnings
that failed to meet their target. However, one should note that results were
higher than the company’s own estimates in made in April. The company posted
net income of $8.8 billion, or $9.32 per share, up 21% year over year, but over
10% lower from analysts’ estimates of $10.37 a share. Revenue also grew 23%
year over year to $35 billion, missed by $3 billion from what analysts were
estimating.
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If that’s not enough, investors also spooked by the company’s
iPhone numbers, where it sold 26 million, compared to analysts’ target of 29
million. Well, there were high expectations that the company could be hurt due
to an expected launch of new version of iPhone 5, which triggered buyers to postpone
their buying at least now. Well, this could be temporarily effect and the
company may come back with strong demand once it launches new version of
iPhone. There is no doubt that the company has been placed on the top spot when
it comes to tech innovation as the company has changed the entire mobile market
by launching shocking innovation in the Smartphone industry. As a result,
several mobile manufactures such as Nokia Corporation (ADR)(NYSE:NOK) and Research
In Motion Limited (USA)(NASDAQ:RIMM) took a hard beat and those companies have
been struggling to gain their lost glories.
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Spectrum Pharmaceuticals, Inc.(NASDAQ:SPPI) shares popped up
6.60% after the company posted another blowout monthly sales for its colon
cancer drug Fusilev. As per Wolters Kluwer sales in June came in at $49.7
million. Fusilev sales totaled $24.8 million in May and $22.3 million in April,
according to Wolters Kluwer. The company is
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