Apple posts record quarter, investors let down

By on January 23, 2008, 9:39 AM
Apple yesterday reported its best quarter ever. The company posted revenue of $9.6 billion and net quarterly profit of $1.58 billion for its first fiscal quarter, which ended December 29.Year-over-year these numbers represent a 35 and 58 rise in revenue and profits, respectively.

But despite the fact that Mac computer sales were up 44 percent compared with last year, that profit margins on iPods grew and that the company still expects to sell 10 million iPhones by the end of this year, many shareholders retreated from their bets on Apple after the forecast for the current quarter failed to live up to their high expectations. The outlook helped send Apple’s shares down $17.06 a share, or 11%, to $138.49 in after-hours trading.

Apple executives noted, however, that while the second-quarter forecast is lower than what Wall Street was expecting, it still predicts a revenue jump of 29 percent over last year, which is a faster rate of growth than in previous years.

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