Bloomberg added to the flow of negative press about Apple (NASDAQ: AAPL) with a forecast for the results of Apple’s current quarter:
Source: Thinkstock
Apple Inc.’s quarterly profit is projected to shrink for the first time in a decade, hurt by new products with lower profit margins and slower growth in iPhone sales.
Fourteen analysts have reduced their estimates for Apple in the past four weeks, as shares in the world’s most valuable technology company continue their slide from a September record high. Competition from Samsung Electronics Co. (005930) is also weighing on the stock, and pressure is mounting for Chief Executive Officer Tim Cook to introduce hit products to reignite sales
An earnings report tomorrow may show that fiscal second- quarter net income declined 18 percent to $9.53 billion, or $10.02 a share, according to analysts’ estimates compiled by Bloomberg. Revenue is projected to show a rise of 8 percent to $42.4 billion, the slowest growth rate since 2009.
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