Business

Apple stock sinks 10% in after-hours trading on ‘disappointing’ earnings

Despite record revenue and iOS sales disclosed in today’s earnings report, Apple’s stock has sunk a staggering 10 percent in after-hours trading.

Apple’s once mighty stock has fallen quickly in recent weeks, dropping below $500. Its current price is a far cry from Apple’s 52-week high of $705.07.

As noted by my colleague John Koetsier, Wall Street’s consensus numbers were $54.58 billion (Apple beat that), 50 million iPhones (Apple sold 47.8 million), 23 million iPads (Apple almost made it, selling 22.9 million), 12 million iPods (under Wall Street estimates), and 5 million Macs (well under Street estimates).

By not meeting those sky-high expectations, investors clearly showed their disappointment. As of this writing, Apple’s stock price is down nearly $51, a drop of about 9.9 percent.

Check out Apple’s stock performance from the last year in the chart below:

AAPL Chart

AAPL data by YCharts

Rotten apple photo via Lara604/Flickr


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