Tuesday, October 11, 2005, 02:00 pm PT (05:00 pm ET)
Apple stock tanks over 11% in after-hours tradingShares of Apple Computer plummeted nearly $6 in after hours trading on Tuesday, losing over 11% of their value despite the company reporting the best quarterly results in its history.
For its fourth fiscal quarter of 2005, the Mac and iPod maker posted revenue of $3.68 billion and a net quarterly profit of $430 million, or $.50 per diluted share. These results compare to revenue of $2.35 billion and a net profit of $106 million, or $.13 per diluted share, in the year-ago quarter.
However, the results still fell short of the extremely high investor expectations that have been baked into the company's stock price, which has recently traded at all-time highs.
As of 5:00pm eastern time, Apple stock was trading at $45.85, down $5.74 or some 11.13%.
On Topic: General
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- Google exec & social networking chief Vic Gundotra leaves company
- Tim Cook offering lunch date at Apple HQ for charity
- Future Apple devices may boast environmental sensor suite with built-in thermometer
- Apple's display tech lets users interact with 3D objects in mid-air