Apple Inc.(NASDAQ:AAPL) shares slid well below $600 mark in after hours and slid 2% to $597 as the company reported lower than estimated fourth quarter earnings and projects well below analysts’ estimate for the first quarter.
The company generated revenue of $35.97 beating analysts’ target of $35.80 billion.
The company earned $8.67 a share, missing analysts’ target of 8cents. The company sold 26.90 million iPhones in Q4, sold 4.9 million Macs, 5.3 million iPods. There were issued with supply shortage of iPhone.
Apple declared quarterly dividend of $2.65 a share.
The company projects to earn $11.75 a share, well below analysts’ target of $15.75 and revenue projects to come in at $52 billion, missing analysts’ estimate of $55 billion.
Several analysts instantly stated that any further fall could be a good buying opportunity considering solid outlook for the Smartphone market.