Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Lifestyles
Classified Sites

The Canadian Press - ONLINE EDITION

Apple shares fall as earnings, revenue forecast disappoint; Icahn adds to stake

In this Aug. 21, 2012 photo, the Apple logo is shown on a stock ticker at the Nasdaq MarketSite, in New York. THE CANADIAN PRESS/AP, Mark Lennihan

Enlarge Image

In this Aug. 21, 2012 photo, the Apple logo is shown on a stock ticker at the Nasdaq MarketSite, in New York. THE CANADIAN PRESS/AP, Mark Lennihan

NEW YORK, N.Y. - Apple's stock dropped Tuesdat, hurt by a lacklustre first-quarter performance and a cautious second-quarter revenue outlook.

The shares fell 8 per cent, hovering near $507 in afternoon trading.

On Monday Apple Inc. said it sold more iPhones and iPads in the first quarter than in any prior quarter, but investors were expecting even bigger things from the Cupertino, Calif., company.

The iPhone maker also announced a second-quarter revenue forecast of $43 billion, below Wall Street's $46.13 billion estimate.

The company's stock has started losing some ground in the past year due to concerns about slowing growth and increasing competition.

On Tuesday Carl Icahn added to his Apple stake, tweeting that he'd purchased $500 million more shares of the company.

The billionaire investor has spent more than $1 billion on Apple stock during the past weeks to raise his total holdings in the company to roughly $4 billion. Icahn started buying Apple's stock five months ago when it was still trading below $450.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media