Apple stock tanks after disappointing investors
Shares of tech giant Apple fell sharply Thursday after the company reported record sales and profits for its 13-week fiscal 2013 first quarter that still managed to disappoint investors.
Apple posted net profits of $13.1 billion, or $13.81 per diluted share, in the October-December 2012 period, up 0.10 percent from the same period in the previous year, while revenues rose 17.6 percent to $54.5 billion.
The record numbers, however, disappointed investors and analysts, who were expecting even better results from the creators of the iPhone and iPad.
"The company sold a record 47.8 million iPhones in the quarter, compared to 37 million in the year-ago quarter. Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million in the year-ago quarter," the Cupertino, California-based tech giant said in a statement.
Sales of some of the company's other products declined during the quarter.
Apple sold 4.1 million Mac computers, down from the 5.2 million sold in the year-ago quarter, with sales of iPods coming in at 12.7 million in the quarter, off from the 15.4 million units sold in the year-ago quarter.
"We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," Apple CEO Tim Cook said. "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."
Apple shares were down $57.955, or 11.28 percent, to $456.05 in early afternoon trading on the Nasdaq exchange.