Apple down 10 per cent as Q1 disappoints
Apple’s shares fell more than 10 per cent in extended trading in New York after the Silicon Valley company reported first-quarter revenues and iPhone sales below Wall Street expectations.
Apple reported $54.5bn in sales compared to an analyst consensus of $54.7bn. along with iPhone sales of 47.8m units, below expectations of around 50m.
Our live blog of the earnings announcement and subsequent conference call is after the jump. Read more
What to look for in Apple’s results
Some analysts are calling Apple’s first-quarter results, coming after the market closes on Wednesday, the iPhone maker’s most important in years.
The company’s stock price has tumbled by a quarter since September’s peak and October’s warning that profit margins would come under pressure from the near-simultaneous launch of the iPhone 5, iPad mini and other upgrades last autumn. Read more
| About this blog | Blog guide |
Richard Waters has headed the FT's San Francisco bureau since 2002 and covers Google and Microsoft, among other things. A former New York bureau chief for the FT, he is intrigued by Silicon Valley's unique financial and business culture, and is looking forward to covering his second Tech Bust.
Chris Nuttall has been online and messing around with computers for more than 20 years and since 2004 has reported from the FT's San Francisco bureau on semiconductors, video games, consumer electronics and all things interwebby.
Maija Palmer has been writing about technology for the FT since 1999 and is fascinated by cybercrime, privacy and all the other issues of the information society. Based in London, she covers European tech companies and hopes that they won't all get acquired by American rivals.
Robin Kwong is the FT's technology, media and telecoms page editor in London. Formerly he was the Taipei correspondent and wrote about the companies that manufacture the vast majority of the world's computers and gadgets. He is interested in the intricacies of the technology supply chain and how China is increasingly changing the tech landscape.
Tim Bradshaw is the FT's digital media correspondent, and has just moved from London to join our team in San Francisco. He has covered start-ups such as Twitter and Spotify, as well as the online ambitions of more established media companies, such as the BBC iPlayer. He also covers the advertising, marketing and video-game industries. Tim has been writing about technology, business and finance since 2003.
