Apple Shares Fall Despite Higher than Expected Profits
You can't win them all. Despite registering strong profits, Apple's share price has fallen sharply in after-hours trading. Perhaps investors are taking the opportunity to walk away with their profits, especially with iPad sales, while still going strong, only at 4.2 million, with just a 28% gain over the previous quarter. Of course, Steve Jobs also took the opportunity of the earnings call to blast rivals from RIM to Google to slamming the idea of a 7-inch tablet.
BBC News - Apple shares drop 7% in after-hours trading, despite reporting expectations-beating profits of $4.3bn (£2.7bn) for the last quarter. The net income figure - announced after the close of trading in New York - was up 70% on a year earlier, and beat expectations of $3.8bn. But the company's stock responded by falling sharply. Apple's shares have hit historic highs lately, and the drop may be due to speculators selling to lock in profits.