Apple results miss targets
Oct. 25, 2012, 7:02 p.m. EDT
Apple faces tight supply in busy quarter
‘Prolific period’ of launches may constrict earnings, firm says
By Dan Gallagher, MarketWatch
SAN FRANCISCO (MarketWatch) — Apple Inc. reported lower-than-expected earnings on Thursday afternoon, and gave indications that strong demand and limited supply of the iPhone and iPad products will persist into the current period.
The company reported a 24% jump in earnings for its fourth fiscal quarter, despite a slowdown of iPhone and iPad sales ahead of major product upgrades.
Apple /quotes/zigman/68270/quotes/nls/aapl AAPL -1.18% shares fell initially in after-hours trades but later moderated. The stock closed down 1.2% to $609.54 in the regular session, and is off more than 13% from its peak of $700 on the day of the iPhone 5 launch last month.
The miss was not a major surprise, given that many analysts had been predicting a decline in sales in the midst of major rumors of product upgrades. The company also gave a forecast that was lower than expected — reflecting tight supply of the new iPhones and iPads that will extend into the December period
More: http://www.marketwatch.com/story/apple-earnings-jump-but-miss-estimates-2012-10-25
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