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Apple Shares Plunge 10% on Slowing Growth, New Product Jitters

For years, Apple consistently beat Wall Street expectations, not only because the company habitually low-balled its financial projections, but also because it was growing at a rate and scale that was virtually unprecedented in the history of corporate America. It appears those days are over. For the third consecutive quarter, Apple, the world’s largest technology company, fell short of analyst estimates, sending the company’s stock down a whopping 10% in after-hours trading, wiping out nearly $50 billion in shareholder value. Although it reported record financial results, Apple’s slowing growth has raised questions about the next phase in the company’s evolution. (MORE: Apple Profit Surges 24% Ahead of Holiday Blowout; CEO Tim Cook Disses Microsoft) One thing is for sure: The numbers associated with Apple’s business are staggering. Apple sold 47.8 million iPhones and 22.9 million iPads during the holiday quarter, but both of those figures were about one million short of analyst ...

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Found more than 1 month ago on channel TIME Moneyland

Apple's iPhone disappointment fans doubt on growth

SAN FRANCISCO - Apple Inc missed Wall Street's revenue forecast for the third straight quarter after iPhone sales came in below expectations, fanning fears that its dominance of the mobile industry was slipping.

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Found more than 1 month ago on channel Reuters

Apple revenue misses again, iPhone disappoints

SAN FRANCISCO - Apple Inc reported quarterly revenue that slightly missed Wall Street expectations as sales of its flagship iPhone came in below target, sending its shares down more than 4 percent.

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Found more than 1 month ago on channel Reuters

Apple Profit Surges 24% Ahead of Holiday Blowout; CEO Tim Cook Disses Microsoft

Tech titan Apple reported a 24% increase in quarterly profit Thursday, but that figure failed to meet the sky-high expectations of Wall Street analysts. Sales of the company’s iPad tablet device fell short of analyst forecasts, as many consumers held off buying in anticipation of the new iPad Mini, which was released earlier this week. But now that the product has arrived to the market, along with the iPhone 5, which was introduced on Sept. 21, the holiday quarter is shaping up to be a monster for Apple. Apple said it expects to generate revenue of $52 billion over the holidays, a staggering figure that would set a record for the largest quarterly sales haul ever by a tech company, according to CNNMoney. Still, on an earnings-per-share basis, Apple’s forecast came in below analyst expectations. Investors were largely unfazed by the profit miss, however, and Apple’s shares only dipped about 1% in after-hours trading. (MORE: Apple Planning Pandora Rival: Is Web Radio Ready for ...

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Found more than 1 month ago on channel TIME Business

PODCAST: Nobel for matchmaking and Sprint Nextel for the taking

Monday, October 15, 2012 - 09:26 Scott Olson/Getty Images Brick and mortar retailers have an idea to compete online rivals like Amazon. They are going to match their prices during the holiday shopping season. This year's Nobel Memorial Prize in Economics goes to Americans Alvin Roth and Lloyd Shapley . The Nobel committee honored them today for their work in quote,"the theory of stable allocations and the practice of market design." Sounds obscure, but  it actually turns out to be pretty practical. U.S. retail sales rose 1.1 percent last month . We were spending more on cars, gas and iPhones. Sales of the iPhone 5 helped to juice spending in the electronics category, which grew 4.5%. Citigroup shares are way up in early trading after the bank reported much smaller third-quarter profits but still beat Wall Street expectations. Pardoxically, perhaps, investors may be celebrating the reason for those smaller profits: Citi took a big fat write-down this quarter for selling off its share of ...

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Found more than 1 month ago on channel Marketplace.org