Originally published at www.seclive.com
Filing in Focus: Apple 8-K, October 28, 2013
Apple Inc. (NASDAQ:AAPL) announced its financial results for the fourth fiscal quarter of 2013, reporting an earnings decline on increased revenues. Apple revenue increased 4% to $37.5B, or $600M above expectations but what is feeding investor apprehension is the decline in earnings. For the quarter, Apple's earnings fell from $8.2B and $8.67 a share last year to $7.5B and $8.26 per share. iPhone sales increased 26%, with the company selling 33.8 million phones though for a 7% lower average price at $577. iPad sales inched upward slightly from 14.0 million sold last year to 14.1 million sold this quarter. The average sales price of the iPad decreased similarly by 14% as consumers focus on the smaller iPad version. Carl Icahn, who owns 0.5% of the company, is imploring Apple to increase its stock buyback program from the $60B it intends to purchase to $120B, in an effort to increase Apple's stock value.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.