This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Stock Plunges After-Hours: Live Blog Recap

NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) shares plunged in extended trading on Thursday as investors digested the tech giant's fiscal first-quarter results.

The iPhone maker, for so long the shining star in Silicon Valley, beat Wall Street's earnings estimates, but its revenue fell short of forecasts.

Apple brought in revenue of $54.5 billion, up from $46.33 billion in the prior year's quarter, but below analysts' forecast of $54.73 billion.

The Cupertino, Calif.-based firm earned $13.81 a share, down from $13.87 a share in the same period last year, and above analysts' estimate of $13.47.

Investors were clearly appalled by the numbers, pushing Apple's shares down 10.3% to $460.91 in extended trading.

The iPhone maker, which has been surrounded by rumors of weakening demand recently, sold 47.8 million iPhones during the quarter, up from 37 million in the same period last year.

"We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," said Tim Cook, Apple's CEO, in the company's press release. "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."

During its fiscal first quarter, Apple sold 22.9 million iPads, compared to 15.4 million in the prior year's quarter.

The firm sold 4.1 million Macs, down from 5.2 million in the year-ago quarter. Apple sold 12.7 million iPods during the December quarter, compared to 15.4 million in the same period last year.

Apple's gross margin was 38.6% compared to 44.7% in the prior year's quarter, and 40% during its fiscal fourth quarter.

For its fiscal second quarter, Apple forecast revenue between $41 billion and $43 billion, a gross margin between 37.5% and 38.5%, and operating expenses between $3.8 billion and $3.9 billion.

Apple did not offer earnings guidance.

Analysts surveyed by Thomson Reuters had forecast revenue of $45.38 billion and earnings of $11.67 a share.

Apple's board also declared a quarterly cash dividend of $2.65 a share.

--Written by James Rogers and Chris Ciaccia in New York.

>To submit a news tip, send an email to:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.25 -0.98%
T $38.99 0.21%
VZ $50.94 0.51%
FB $118.19 0.65%
GOOG $699.19 0.99%


Chart of I:DJI
DOW 17,667.90 -83.01 -0.47%
S&P 500 2,051.99 -11.38 -0.55%
NASDAQ 4,731.53 -31.6940 -0.67%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs