The iPhone maker's shares fell 4.66% to $572.89 after Apple missed analysts' top- and bottom-line estimates. The Cupertino, Calif.-based firm also offered weaker-than-expected fourth-quarter guidance.
Speaking during the conference call to discuss the results, Apple Chief Financial Officer Peter Oppenheimer cited a number of reasons for the revenue and earnings miss, including economic weakness in Europe, Australia, Canada, and Brazil.
With the eagerly anticipated iPhone 5 expected to debut in September or October, the tech giant clearly experienced a lull in iPhone sales during its third quarter.Apple was also one of the most active premarket Nasdaq stocks on share volume of 576,420. Netflix (NFLX), however, was an even bigger loser, tumbling 18% to $65.81 after releasing its second-quarter results on Tuesday. While Netflix's second-quarter earnings beat expectations, investors balked at the company's weak outlook for the rest of the year. Symantec (SYMC), however, was a big gainer after announcing its first-quarter results and an executive reshuffle. The security specialist, which was scheduled to report its numbers after market close, posted revenue of $1.67 billion and earnings of 43 cents a share before market open, comfortably above analysts' forecast of $1.65 billion and 38 cents a share. The Mountain View, Calif.-based firm also announced that CEO Enrique Salem has stepped down, to be replaced by Steve Bennett, the company's chairman. Symantec shares climbed 7.78% to $14.20 before market open. Riverbed (RVBD) was another major gainer following solid second-quarter results, which came in above analysts' expectations on Tuesday. The WAN optimization specialist also offered robust guidance, pushing the company's shares up 24.40% to $18.10. Juniper (JNPR) was another winner following the company's strong second-quarter results, released on Tuesday, which topped both its own and Wall Street's expectations. The Cisco (CSCO) rival;s shares climbed 5.97% to $15.70 before market open. Juniper and Riverbed also announced a technology partnership. Under the terms of the deal, Juniper will license Riverbed's application delivery controller technology for around $75 million. The two companies will also integrate Riverbed's Steelhead mobile technology into Juniper's Pulse Virtual Private Network (VPN) software.
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