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Articles: commentary: 2008 January

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Page 1

Apple Posts Record Profit, Stock Plunges
Wednesday, 2008 January 23 - 11:46 am
Sometimes I think Wall Street investors are a bunch of idiots.

Yesterday Apple announced its fiscal 2008 first quarter results: $9.61 billion in revenue, resulting in $1.58 billion profit ($1.76 per share). Compared to the same period a year ago, that represents a 54.4% increase in earnings and a 35.4% increase in revenue.

Overnight, the stock lost about 13% of its value. Why? Because Apple's conservative second quarter forecast came in below expectations, and is seen as a further sign of a weakening economy.

Read more...
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