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.
Should Investors Buy AAPL at CMP, Get Free Trend Analysis
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.
How Should Investors Trade AAPL Now, Find Out Here
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