“Apple Inc.’s 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. Shares fell as much as 8.8 percent in extended trading,” Tim Higgins reports for Bloomberg.
“Apple sold 47.5 million iPhones, a 35 percent gain, in the period that ended in June,” Higgins reports. “Analysts had anticipated 48.8 million shipments.”
“The company forecast revenue of $49 billion to $51 billion in its fiscal fourth quarter, which ends in September, short of the average estimate for $51.1 billion, according to data compiled by Bloomberg.,” Higgins reports. “‘It’s going to be running up against really hard comparisons,’ said Abhey Lamba, an analyst at Mizuho Securities USA Inc. ‘A lot of people jumped to the larger-screened iPhones, now that we’ve gotten to the point where the innovation in the next release is not going to be as massive as we had last year.'”
MacDailyNews Take: iPhone has massive headroom. Just 27% of iPhone owners have upgraded to iPhone 6 or iPhone 6 Plus. 73% remain poised to upgrade. Abhey Lamba couldn’t analyze his way out of a wet paper bag.
Higgins reports, “Apple shares fell as much as 8.8 percent in extended trading.”
Read more in the full article here.
MacDailyNews Take: The stock market is a game. Play it well.
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