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Recent Apple Earnings Causes Stock Price to Tumble
The fears about slower consumer spending in the U.S. and a slowdown in iPod sales growth helped fuel a sell-off in Apple shares on Wednesday. Shares fell $16.57, or nearly 11 percent, to close at $139.07. Apple's stock price reached a high of over $200 in December 2007. The company's earnings-per-share guidance of 94 cents was 15 cents short of what Wall Street was expecting. The sales forecast of $6.8 billion was roughly $200 million short of analyst estimates.
Apple executives provided little explanation for the guidance shortfall, noting that sales are still expected to grow 29 percent, more than in previous years. Analysts were expecting Apple to sell over 25 million iPods during the holiday quarter. However, they sold only 22 million which points to a weaker sales picture for future quarters.
The future of Apple is not so bleak according to Paul Carton from ChangeWave Research:
Survey Shows Explosive Apple Mac Sales and High Leopard Past 90 Days: Consumer sales of Apple laptops (17%; up 3-pts) and desktops (16%; up 6-pts) took an astonishing leap over the holidays. The chart below shows just how dramatic a transformation in market share this represents for Apple.
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