Apple shares tumble after lackluster earnings

January 28, 2014

Apple's stock dropped Tuesday, hurt by a lackluster first-quarter performance and a cautious second-quarter revenue outlook.

The shares fell 8 percent, hovering near $507 in afternoon trading.

On Monday Apple Inc. said it sold more iPhones and iPads in the first quarter than in any prior quarter, but investors were expecting even bigger things from the Cupertino, California, company.

The iPhone maker also announced a second-quarter revenue forecast of $43 billion, below Wall Street's $46.13 billion estimate.

The company's has started losing some ground in the past year due to concerns about slowing growth and increasing competition.

On Tuesday Carl Icahn added to his Apple stake, tweeting that he'd purchased $500 million more shares of the company.

The billionaire investor has spent more than $1 billion on Apple stock during the past weeks to raise his total holdings in the to roughly $4 billion. Icahn started buying Apple's stock five months ago when it was still trading below $450.

Explore further: Apple breaks $500 threshold, first time since Jan.

Related Stories

Icahn says he has $3bn in Apple stock (Update)

January 22, 2014

Activist investor Carl Icahn said Wednesday he has invested some $3 billion in Apple, and claimed the tech giant is "doing a disservice to shareholders" by not increasing its share buyback.

Carl Icahn snaps up another $500M of Apple stock

January 23, 2014

Outspoken billionaire Carl Icahn has tossed another bushel of Apple stock into his investment portfolio as he tries to persuade the iPhone maker to buy back more of its own shares.

Icahn snaps up Apple shares as price dips

January 28, 2014

Activist investor Carl Icahn fired off word on Tuesday that he beefed up his Apple stock holdings by a half-billion dollars as the share price dipped.

Recommended for you

Interactive tool lifts veil on the cost of nuclear energy

August 24, 2015

Despite the ever-changing landscape of energy economics, subject to the influence of new technologies and geopolitics, a new tool promises to root discussions about the cost of nuclear energy in hard evidence rather than ...

Smart home heating and cooling

August 28, 2015

Smart temperature-control devices—such as thermostats that learn and adjust to pre-programmed temperatures—are poised to increase comfort and save energy in homes.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.