Ioman
10-24-2003, 09:12 AM
Shares of Apple Computer fell on Thursday despite a fourth- quarter earnings report that exceeded financial analysts' estimates.
Apple's results, issued after U.S. markets closed on Wednesday, were driven by a surge in sales of its popular iPod music player and a new generation of desktop computers. Its 63 retail stores were profitable for the first time since the chain's beginnings in 2001.
Apple has refashioned its product lines for professional users; part of this effort is creation of new desktop computers based on the IBM G5 microprocessor. It reported shipping 336,000 iPods during the quarter, which ended on Sept. 27, up 140 percent from shipments a year earlier, and 787,000 Macintosh personal computers, up 7 percent.
Apple reported a profit of $44 million, or 8 cents a share, less investment and other one-time gains. A year earlier, the company had a loss of $45 million, or 13 cents a share. Financial analysts had expected a profit of 7 cents a share, according to the Thomson First Call financial service.
The biggest disappointment for the quarter was in the company's sales to primary and secondary schools, which declined 15 percent. Fred Anderson, Apple's chief financial officer, said he believed the decline was linked to tight budgets in U.S. school districts.
Shares of Apple fell $1.57, or 6.3 percent, to close at $23.25 on the Nasdaq as investors sold technology stocks to lock in profits after months of gains. Apple plans a revised Mac OS X operating system and on Thursday announced the opening of iTunes music service for U.S. computers with Windows operating systems.
Not good news...
Apple's results, issued after U.S. markets closed on Wednesday, were driven by a surge in sales of its popular iPod music player and a new generation of desktop computers. Its 63 retail stores were profitable for the first time since the chain's beginnings in 2001.
Apple has refashioned its product lines for professional users; part of this effort is creation of new desktop computers based on the IBM G5 microprocessor. It reported shipping 336,000 iPods during the quarter, which ended on Sept. 27, up 140 percent from shipments a year earlier, and 787,000 Macintosh personal computers, up 7 percent.
Apple reported a profit of $44 million, or 8 cents a share, less investment and other one-time gains. A year earlier, the company had a loss of $45 million, or 13 cents a share. Financial analysts had expected a profit of 7 cents a share, according to the Thomson First Call financial service.
The biggest disappointment for the quarter was in the company's sales to primary and secondary schools, which declined 15 percent. Fred Anderson, Apple's chief financial officer, said he believed the decline was linked to tight budgets in U.S. school districts.
Shares of Apple fell $1.57, or 6.3 percent, to close at $23.25 on the Nasdaq as investors sold technology stocks to lock in profits after months of gains. Apple plans a revised Mac OS X operating system and on Thursday announced the opening of iTunes music service for U.S. computers with Windows operating systems.
Not good news...