SPDR S&P 500 (SPY): OCTOBER 18, 2011, 4:31 PM ET Apple Miss...

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Tuesday, 10/18/2011 4:38:06 PM

Tuesday, October 18, 2011 4:38:06 PM

OCTOBER 18, 2011, 4:31 PM ET
Apple Misses on Earnings, Revenue, iPhone Sales, Stock Tanks
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By Mark Gongloff

Bloomberg
Apple reported third-quarter earnings of $7.05 a share, on revenue of $28.3 billion.

Analysts, on average, expected Apple to earn $7.22 a share on revenue of $29.5 billion.

Apple has not missed earnings forecasts since the second quarter of 2002, according to FactSet data.

The stock is down 8% after hours, after gaining 0.5% during regular trading.

iPhone sales came in at 17.07 million, compared with forecasts of 20 million — maybe the most disappointing number.

More to come…

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