Newspaper article News Mail Bundaberg Qld.

Apple's Bottom Line Bitten after 51 Consecutive Quarters of Growth

Newspaper article News Mail Bundaberg Qld.

Apple's Bottom Line Bitten after 51 Consecutive Quarters of Growth

Article excerpt

DESPITE customers buying an incredible 51.2 million iPhones between January and March, the tech giant has disappointed investors and analysts with its latest financial report.

For the first time since releasing the iPhone, Apple has reported lower earnings than forecast.

In its latest quarter results, Apple projects $2.48 a share compared to estimates of $2.60, and revenues of $66billion rather than estimates of $67.8 billion.

Apple warned investors at the start of the year that its first quarter results might be a milestone for the company - and not in a good way.

This is the first time the company has reported shrinking finances since 2003, the pre-iPhone era.

That means disappointment has only come after 51 consecutive quarters of growth.

Chief executive Tim Cook said the company was anticipating a drop in sales compared to sales this time last year of $75.6 billion.

Mr Cook said it had been a "challenging quarter".

iPhone sales make up almost three quarters of the company's overall sales. …

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