Apple Stock bitten by Earnings Forecast, Jobs

From IDG News Service
Concerns for the health of popular Apple executive Steve Jobs and a worse than expected forecast for fourth quarter earnings and revenue shot down Apple's stock after the market closed. The company's shares fell $16.79, or 10.1 percent, in after-market trading of Nasdaq stocks.

The spill came after the company reported solid earnings for its fiscal third quarter, which ended June 28. Apple's net income came in at $1.07 billion, which beat analyst estimates of $976 million, according to analysts polled by Thomson Financial. Apple's revenue also beat expectations, at $7.46 billion, versus estimates of $7.37 billion.

What hurt the company's stock in the market was its forecast for weaker than expected earnings and revenue growth in its current quarter.

Concerns about Steve Jobs' health also weighed on the shares.

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