“U.S. stock futures slumped Wednesday, hurt by Apple Inc.’s 8% premarket drop after the largest company by market value delivered quarterly results that disappointed investors,” Victor Reklaitis reports for MarketWatch.
“S&P 500 futures fell 5.40 points, or 0.3%, to 2,083, while Dow Jones Industrial Average futures dropped by 41 points, or 0.2%, to 17,878. Nasdaq-100 futures fell by 50 points, or 1.1%, to 4,402.5,” Reklaitis reports. “Apple late Tuesday said profit fell to $1.90 a share in its fiscal second quarter, missing Wall Street’s forecasts for $2 a share, as quarterly revenue declined for the first time in 13 years, dropping 13% to $50.55 billion. Analysts polled by Thomson Reuters had expected revenue of $51.97 billion.”
Reklaitis reports, “CEO Tim Cook described the three-month period as ‘a challenging quarter,’ representing a ‘pause in our growth.'”
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MacDailyNews Take:
We’re very optimistic that this too shall pass, and that the market, and particularly [we], will grow again. – Apple CEO Tim Cook, April 26, 2016