Apple Stocks Fall 11%
Techtree News Staff, Jul 22, 2008 1735 hrs IST
This slide in stocks comes in the wake of reports of Apple's thinner profit margins.
After reports of Apple expecting a thinner profit margin this year trickled in, its shares plummeted in extended trading yesterday. It fell $18, or 11%, to 148.11, after having closed up $1.14, to 166.29, during the regular session. Having forecast earnings of $1 a share on sales of about $7.2 billion, Apple delivered earnings of $1.19 a share and revenue of $7.46 billion.
According to CFO Peter Oppenheimer, a key guage of profitability will drop below 32% in the current quarter - down from the second quarter figure of 34.8%. Gross margins are expected to be averaging at 30% in fiscal year 2009, Oppenheimer told investors while discussing the results in a conference call. He mentioned "a future product transition that I can't talk about today." This future project could be one of the reasons for the expected thinner margins.
This comes at a time when Apple has registered record sales of Macs. The company sold 2.5 million units of its flagship computer this quarter.
Apple is, as usual, ultra-secretive when it comes to new launches. However, analysts inferred that cheaper products from Apple stables are on the way. Most hinted at a revamped notebook line up with the new Intel Centrino 2 processors, as well as a large screen MacBook.
It is also reported that Apple is about to revamp Apple TV, a device that lets users play downloaded videos. Another factor for the thinner margins this year could be the increase in the price of materials that Apple uses for its products.
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