“Stock in Apple (AAPL) dropped 11% to $148.63 following the company’s estimate for fiscal fourth-quarter earnings of $1 a share on $7.8 billion in revenue. Analysts currently expect earnings of $1.23 a share on sales of $8.33 billion, according to a survey by FactSet Research,” Carla Mozee reports for MarketWatch.
“Its fiscal third-quarter earnings came in higher than Wall Street had expected, reporting a profit of $1.07 billion, or $1.19 a share, up from $818 million, or 92 cents a share, a year ago. Revenue rose 38% to $7.46 billion from $5.41 billion,” Mozee reports. “Analysts had forecast Apple to earn $1.07 a share on sales of $7.36 billion.”
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