News

Apple misses Street 2Q forecasts

CUPERTINO, Calif. – CUPERTINO, Calif. (AP) _ Apple Inc. (AAPL) on Tuesday reported fiscal second-quarter net income of $10.52 billion.

On a per-share basis, the Cupertino, California-based company said it had net income of $1.90.

The results missed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.97 per share.

The maker of iPhones, iPads and other products posted revenue of $50.56 billion in the period, which also missed Street forecasts. Ten analysts surveyed by Zacks expected $51.51 billion.

For the current quarter ending in July, Apple said it expects revenue in the range of $41 billion to $43 billion.

Apple shares have declined nearly 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 per cent. In the final minutes of trading on Tuesday, shares hit $104.35, a decline of 21 per cent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAPL at http://www.zacks.com/ap/AAPL

_____

Keywords: Apple, Earnings Report, Priority Earnings