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Consumer Electronics

Apple shares tumble despite record profits

Stock in tech giant Apple Inc has continued its one-year rollercoaster, dropping by around 10 percent even after the company announced increased profits. Its shares still cost more than one year ago, though.

Apple announced a profit of $13.1 billion (9.8 billion euros) in the October-December quarter, from revenue of $54.5 billion. The company set quarterly highs in bulk sales of iPhones and iPads, though investors were purportedly concerned by a reduced profit margin.

The company has long been famed for securing high profit margins, but analyst Rob Enderle from the Enderle Group in Silicon Valley told the news agency AFP that the figures hinted at a change in policy under new boss Tim Cook since the death of Steve Jobs.

"Steve Jobs traded on a Porsche model," Enderle said. "Cook is shifting to more of a value model; he is chasing Samsung."

Shares of the world's largest technology company fell by 9.8 percent in after-hours trading in the US on Wednesday, slumping to $463.49.

Apple chief executive Tim Cook also projected that revenues would sink somewhat in the current quarter, though he said the company was "thrilled with record revenue" over the past three months. The company sold 22.9 million iPad tablet computers and 47.8 million iPhones in the period.

Jittery investors have nibbled at and then spat out Apple stock in the space of 12 months. Wednesday's $463 share price fell far short of the company's September 2012 high of $705, but it was still higher than at any period last January.

msh/ipj (AFP, Reuters)