EARNINGS: Gap Profit Up 51 Percent | Burger King Beats | Heinz Profit Up | More

Markets

U.S. open in 9 hrs, 38 mins

DJIA

11,430.21

12.78

0.11%

NASDAQ

2,380.38

-8.70

0.36%

S&P 500

1,277.72

3.18

0.25%

10yr Note

101.375

-0.2812

0.28%

FTSE 100

5,370.20

-1.60

0.03%

Nikkei 225

12,727.37

-124.32

0.97%

Hang Seng

20,392.06

-539.20

2.58%

Euro (in USD)

1.489

0.015

1.02%

Yen (per USD)

109.00

-0.85

0.77%

Oil

121.18

5.62

4.86%

Gold

839.00

22.70

2.78%

BUSINESS NEWS

INVESTING

PERSONAL FINANCE AT WALLETPOP

SMALL BUSINESS

Apple Shares Sink on Weak Outlook

By JESSICA MINTZ

posted: 30 DAYS 11 HOURS AGO

comments: 0

filed under: Earnings, Tech News

Text SizeAAA

(July 22) - Shares of Apple Inc. fell sharply as investors focused more on the company's cautious guidance for the current quarter than on the blockbuster Macintosh and iPod sales during the previous three-month period.

"The quarter was a home run," Chief Financial Officer Peter Oppenheimer said in an interview Monday.

It seems investors disagreed. Apple's shares sank $16.59, or 10 percent, to $149.70 in extended trading Monday, after gaining $1.14 to close the regular session at $166.29.

Cupertino, Calif.-based Apple said it shipped more Macs in its fiscal third quarter than ever before -- 2.5 million, up 41 percent from a year ago, with desktop shipments growing faster than laptops.

That's a much steeper growth rate than the overall global PC market. Total computer shipments rose about 15 percent in the three months ended June 30, according to Framingham, Mass.-based research group IDC.

The Apple Empire

Brett Boliver of Lynnfield, Mass. talks with friends as he waits in line, which stretched for blocks, prior to the grand opening of the city's first Apple Store in Boston on Thursday, May 15, 2008. (AP Photo/Charles Krupa)

Lilly Hayes of the Allston neighborhood of Boston works on her Powerbook as she sits on the street waiting in line, which stretched for blocks, prior to the grand opening of the city's first Apple Store in Boston on Thursday, May 15, 2008. (AP Photo/Charles Krupa)

Visitors climb the spiral glass stairway during the press preview for the new Apple store in Boston, Massachusetts May 14, 2008. The store, Apple's largest in the U.S., opens May 15. REUTERS/Brian Snyder (UNITED STATES)

Reuters

A pair of men talk beside the Apple logo behind a display of iTunes gift cards on the third floor of the Apple store on Boylston Street in Boston., Wednesday, May 14, 2008, the day before it opens for business. The three story building is Apple's largest store in the US. (AP Photo/Josh Reynolds)

Employees wait at the counter during the press preview for the new Apple store in Boston, Massachusetts May 14, 2008. The store, Apple's largest in the U.S., opens May 15. REUTERS/Brian Snyder (UNITED STATES)

Reuters

Apple store employee Ryan Leggett, right, speaks with Boston Mayor Tom Menino the "One on One," training section of the Apple Store in Boston., Wednesday, May 14, 2008, during a press tour of the store, the day before it opens for business. The three story building is Apple's largest store in the US. (AP Photo/Josh Reynolds)

Employees are visible on the roof and through the windows behind the corporate logo of the Apple store on Boylston Street in Boston., Wednesday, May 14, 2008, the day before it opens for business. The three story building is Apple's largest store in the US. (AP Photo/Josh Reynolds)

A pedestrian walks past the Apple store on Boylston Street in Boston., Wednesday, May 14, 2008, the day before it opens for business. The three story building is Apple's largest store in the US. (AP Photo/Josh Reynolds)

Apple experts wait at the "Genius Bar" in the new Apple store during the press preview in Boston, Massachusetts May 14, 2008. The store, Apple's largest in the U.S., opens May 15. REUTERS/Brian Snyder (UNITED STATES)

Reuters