January 18, 2007
Apple Q1 Earnings great…but stock price slides
Posted Jan. 18, ’07, 4:48 PM PT by Aaron Freedman
Category | Business
As Dan already posted, Apple had a great Q1 earnings announcement yesterday, with EPS of $1.14, up from $.65 in Q1 2006, $.62 in Q4 2006, and analyst expectations of $.78 for this quarter. But, if those earnings are so good, why did Apple fall over 6% today, from $95.02 to $85.07? Well, according to Bloomberg, it’s because of Apple forecasted Q2 profits of as much as $.56 EPS, compared to the analyst expectations of $.60. This forecast scared many investors enough to make them forget about the great surge in earnings and sell, bringing down Apple stock the most its gone down in six months. Ouch. Some investors were also disappointed about Mac sales, which were up 28% from the year-ago-quarter, leading JPMorgan and Chase to downgrade the stock, which in itself led to an even higher stock decline.
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