19 Oct '11, 12pm

Apple misses sales target, blames rumours - TODAYonline

SAN FRANCISCO - Apple stunned Wall Street by reporting results that missed expectations for the first time since the fiscal fourth quarter of 2008, blaming rumours of the new iPhone for hurting demand in the September quarter. Its shares fell 7 per cent in extended trading on Tuesday, wiping some US$27 billion (S$34 billion) off the value of the world's largest technology company. It was Apple's first quarterly earnings under chief executive Tim Cook, who took over from Mr Steve Jobs in August at a critical juncture for the company. Apple is battling Google in the mobile arena, as well as other challengers such as Samsung and Amazon.com. "Investors are going to start to speculate that there is change under way now that Jobs is gone, and that there's trouble ahead. We don't share that point," said an analyst, who holds Apple shares. "The iPhone is where the weakness was and...

Full article: http://www.todayonline.com/TechandDigital/Digital/EDC1110...

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