Apple's stock advances despite drop in earnings
Article Abstract:
Apple reports earnings of $110.9 million, or 92 cents a share, for the 2nd qtr 1993, down by about 18 percent from $135.1 million, or $1.09 a share, in the year-ago period. Despite the lower figures, the company's stock rose 87.5 cents, to $48.125, in Nasdaq trading on Apr 16, 1993. Apple revenues rose to $1.97 billion, or 14.5 percent, from $1.72 billion. Apple's chmn John Sculley attributes the decrease in profits to new product introductions and price cuts that will position Apple's unit sales for faster growth. Apple had revised its top-earning midrange Macintosh line and introduced new PowerBook models, server-class Macintosh models and printers in the second quarter. Industry analysts are not too certain about Apple's prospects for the succeeding quarters because of the price wars among IBM PC-compatible suppliers. Apple's premium, that focuses on machines with advanced features, design and ease of use, is narrowing.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1993
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Apple says its profits will drop; shares plunge 10.6% after new forecast
Article Abstract:
Apple's stock plunges by 10.6 percent on Jun 9, 1993, when officials forecasted that the company's earnings for the second half of its fiscal year will be lower than the same period in 1992. The company attributed the decline in its profit margin to the microcomputer price war. Apple's shares fell $5.25, to $44.25, in Nasdaq trading, after more than 10.5 million shares changed hands. Analysts estimate that the company's fiscal year earnings per share will go down to between $4 and $4.40, from the previous estimate of $4.87. While unit shipments of the Apple Macintosh rose 35 percent in the first half of the year, the company had to lower its prices faster than it could cut down on expenses, thus eroding profit margins.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1993
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Adobe stock sale helps raise Apple net
Article Abstract:
Apple Computer reports 4th qtr net profit of $161.1 million, up 49.3 percent, because of Apple's divestment of a 16.4 percent stake in Adobe Systems Inc. If the $48 million stock sale is discounted, Apple's earnings only increase 4.6 percent. Apple's sale of the Adobe stock follows Apple's announcement that it will develop its own software to replace the Adobe packages. Analysts cite high overhead expenses in the marketing area as the reason for Apple's slow growth. Operational earnings are $113.1 million. Revenues for the 4th qtr rose 18 percent to $1.38 billion.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1989
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