It missed the Street's estimates. The forecast was a bit cloudy. But you have to look at these #s. There aren't too many companies performing as well as AAPL. It may not fall much further. No position.
AAPL is a great company. Hence the hefty share price. But the whole market has been pummeled this summer and now it's AAPL's turn. My guess is it trades down to $490. I can't imagin it going lower than that over the short term but then again there's a lot of companies out there trading at levels we never thought we'd see. :(
Net income increased to $8.8 billion ($9.32 per share), compared to $7.31 billion ($7.79 per share) a year earlier. Revenue surged 22.5 percent to $35 billion. However, the company fell short of the mean analyst estimate of $10.38 per share, and the average revenue estimate of $37.23 billion. Were Wall Street expectations too lofty?