Apple misses profit forecast
By The Week Staff | July 24, 2012
Apple stock is trading well north of $500 a share, making the tech giant the largest publicly-traded company in the world.
Imaginechina/Corbis
A
pple on Tuesday reported a net income of $8.8 billion for the third quarter of 2012, up from $7.3 billion the previous year. However, the report did not meet investors' outsized expectations, and Apple's share price fell slightly in after-hours trading. While iPhone sales increased 28 percent from last year, sales slowed as customers held off on buying phones in anticipation of the new iPhone, which is set to be unveiled in the fall. Apple's iPad had a strong quarter, bringing in revenue of $9.2 billion, up from $6.1 billion in 2011.
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