Apple Inc. (AAPL) Is Sinking After Q1 Report

By RTT News, 
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(RTTNews.com) - Apple Inc. ( AAPL ) reported first quarter EPS of $14.50 after the bell Monday, compared to $13.81 in the prior year period. The consensus estimate was for EPS of $14.09. Net sales rose to $57.59 billion from $54.51 billion in the same quarter last year. Analysts had expected revenues of $57.46 billion.

Apple sold a record 51.0 million iPhones in the first quarter, up 7% from 47.8 million in the same quarter last year. However, the figures came in below Wall Street expectations.

Looking forward, Apple forecasts second quarter revenue of $42 billion to $44 billion. Analysts expect revenue of $46.05 billion.

Apple gapped open sharply lower Tuesday and is now down 42.59 at $507.91. The stock has dropped to a 3-month low.

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