NEW YORK (TheStreet) -- Apple (AAPL - Get Report) plunged Wednesday after its iPhone shipments came in lighter than investors expected, when it announced its quarterly results. Microsoft (MSFT - Get Report) fell sharply after posting a record loss following its Nokia (NOK) mobile phone business write off. EMC (EMC) jumped on its earnings beat.
Apple plunged 4.2% to close at $125.22.
The iconic computer maker tanked after it posted third-quarter results that showed 47.5 million iPhones were shipped in the quarter, compared to the 48.8 million that analysts were expecting, according to a Motley Fool report.
Investors dinged Apple for the shortfall, although its iPhone growth soared 35% on an annual basis and was higher than research firm IDC's figures of a general market increase in smartphones of 16.7% in the first quarter, according to Motley Fool.
Apple investors, however, may have also been disappointed the company did not provide greater detail on its Apple Watch and that its revenue forecast was lighter than expected, according to a Reuters report.
The computer maker forecast fourth-quarter revenue of $49 billion to $51 billion, missing analysts concensus of $51.13 billion, according to Reuters.
Microsoft fell 3.7% to end the session at $45.54.
The software giant posted a record loss of $3.2 billion in the fiscal fourth quarter, after taking a $7 billion write-off for disbanding its Nokia mobile phone business. Microsoft had previously touted its multi-billion Nokia mobile phone acquisition as one of its future growth drivers.
At the time of the 2013 acquisition, it said: "Microsoft aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing."
The Redmond, Wash. giant plans to use the savings from closing that business to its cloud business, Windows 10 efforts and its hardware division, according to a Reuters report.
EMC jumped 1.8% to close at $25.38, on a day when the broader markets retreated.
The data storage giant and cloud company rose after beating Wall Street's earnings estimates. EMC posted net profits of 43 cents a share on revenue of $6.1 billion. Analysts were expecting the cloud company to generate earnings of 41 cents on revenue of $6.1 billion.
EMC also announced it would slash nearly $1 billion in costs into the next year, according to a Bloomberg report. Approximately $50 million of the cuts will occur in the fourth quarter via job cuts and a reduction in spending, the report noted.
But the bulk of the cost cutting will happen next year as other expenses are lopped off and under-performing products are nixed. The company will also shutter facilities, Bloomberg reported.