Apple Shares Fall on Forecast for Quarter

Apple Inc. blew past Wall Street’s bullish expectations in the first quarter with a 57 percent jump in profit, but a dramatically lower forecast sent shares plunging on fears about slowing consumer spending on electronics. The report, released after the market closed Tuesday, reinforced investors’ worries that even a hot company like Apple isn’t immune from sluggishness in the United States economy or fears of a recession. The company forecast profit of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue is also expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts. Apple’s chief financial officer, Peter Oppenheimer, said the forecast still reflected rapid growth at the company. Read full story...

 


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