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News
Analyst: Apple Could Issue Revenue Warning
Tuesday, July 11th, 2006 at 3:00 PM - by Brad Cook
Credit Suisse First Boston analyst Robert Semple on Wednesday said that he expects Apple to issue a profit and revenue warning for its current financial quarter as it reduces iPod shipments ahead of a new iteration of the popular MP3 player. While many analysts are looking at US$4.9 billion in revenue and $0.52 per share in earnings for the quarter that will end Sept. 30, Mr. Semple believes Apple will forecast $4.6 to $4.8 billion and $0.50.
"We expect Apple will once again use the September quarter to reduce iPod inventories as the company prepares for a refresh of its product lineup, which we continue to believe will occur in the Sept/Oct time frame," the analyst wrote in a research report, according to Reuters.
The article also noted that Apple's stock price at one point dropped to $54.13 on Wednesday, its lowest point since October 2005. Concerns over sluggish iPod sales, along with rumors that Microsoft is developing an "iPod killer," have fueled traders' pessimistic attitudes.
Jon Najarian, co-founder of information Web site insideoptions.com, told Reuters: "We are continuing to hear that Microsoft may be much closer to launching its iPod killer, a wireless iPod. I think that could be behind the pressure we are seeing in Apple." The news service cited anonymous sources who said that Microsoft will start shipping the new device by Christmas. It will supposedly allow users to download music and video wirelessly through a Wi-Fi access point.
At 2:40 PM EST on Wednesday, Apple's stock had dropped to $53.32, down 4.19% or $2.33 for the day.
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