“Wall Street got ahead of itself with overheated expectations for sales of Apple Inc.’s iPhone, especially in light of the fact that a new model was highly anticipated,” Therese Poletti reports for MarketWatch.
“Apple said late Tuesday that it saw sales of older iPhone models reach a respectable 17.07 million units in the quarter, below the Street’s average estimates of about 20 million devices sold, as customers held off purchasing while waiting for the new iPhone in October,” Poletti reports. “The lower iPhone unit sales led to an unexpected quarterly earnings miss for Apple, coming in the same month that its co-founder Steve Jobs died at age 56. Its shares tumbled more than 5% in after-hours trading.”
Poletti reports, “Investors, however, should be heartened by the company’s forecast and what has been perceived as “barn-burning” sales of the new iPhone 4S. Apple’s outlook for the fiscal first quarter is for revenue to come in at $37 billion for the December quarter, slightly above the consensus of $36.1 billion, according to Thomson Reuters.”
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MacDailyNews Take: Apple only banked $6.62 billion profit on revenue of $28.27 billion in the three months ended September 24, 2011 while many were waiting for the next-gen iPhone. Quick, somebody set up the bread lines for Apple employees. We have no idea how they’ll survive!
MacDailyNews presents live notes from Apple’s Q411 Conference Call – October 18, 2011
Apple posts record revenue of $28.27 billion, misses Street expectations for first time since 2004 – October 18, 2011