“The biggest technology rally since October was knocked cold, as disappointing earnings reports punished Microsoft Corp. and left Apple Inc. in danger of its worst-ever loss of market value,” Callie Bost and Joseph Ciolli report for Bloomberg.
“Five days after Google Inc.’s earnings sparked the largest one-day increase in market capitalization, computer and software shares are tumbling. Apple, Microsoft and Yahoo! Inc. retreated on disappointing results,” Bost and Ciolli report. “Apple, the world’s most valuable company, dropped 6.7 percent, a slump that would wipe more than $50 billion from its value.”
“Futures on the Nasdaq 100 Index declined 1.2 percent at 6 p.m. in New York. The index slid 0.1 percent in the regular session, halting an eight-day rally of 7.5 percent that pushed it to a 15-year high,” Bost and Ciolli report. “Apple slid in late trading after iPhone shipments for the fiscal third quarter and the company’s revenue forecast for the current period missed analysts’ projections, raising questions over whether demand for the device has peaked. If the stock sinks that much in regular trading, the hit to market cap would be the second-biggest in the company’s history, after a $59.6 billion drop on Jan. 24, 2013.”
Read more in the full article here.
MacDailyNews Take: Apple sold 47.534 million iPhones, a 35% YOY increase, and posted record quarterly revenue of $49.6 billion and record quarterly net profit of $10.7 billion. Oh, such “disappointing” results! The woe, the woe…
And water is dry, pigs can fly, and Ballmer can dance.
Hopefully, Apple’s buyback program goes into high gear tomorrow while these irrational sales prices last!
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