Apple Misses Wall Street Estimates, Shares Fall

Wednesday Oct 19th 2011 by Staff

The delayed launch of the iPhone 4S meant the company didn't sell as many smartphones as expected.

Bloomberg: For the first time in six years, Apple earnings failed to meet analysts expectations, causing the stock price to fall. The company announced that it earned $6.62 billion, or $7.05 a share, in its fourth fiscal quarter, missing analysts' average expectations of $7.31 a share.

One key reason for the lower-than-expected profits was the late release of the iPhone 4S. Many potential customers put off buying an iPhone until the new phone became available, causing Apple to sell fewer phones than analysts anticipated.

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