Apple's Downfall: Tech Weekly Recap
NEW YORK (TheStreet) -- Apple (AAPL) was the talk of tech this week, reporting first-quarter results on Wednesday. It's been a string of bad news for the world's largest tech company, and it seems as if no end is in sight.
The Cupertino, Calif.-based firm generated revenue of $54.5 billion in its fiscal first quarter, up from $46.33 billion a year earlier, earning $13.81 a share. Wall Street analysts were looking for $54.73 billion in revenue and $13.47 per share in earnings.
Apple also changed the way it gives guidance, providing a range for its fiscal second quarter, instead of single line items. Apple forecast revenue between $41 billion and $43 billion, a gross margin between 37.5% and 38.5%, and operating expenses between $3.8 billion and $3.9 billion.
Following the revenue miss and guidance change, several analysts cut their price targets, with a few even removing Apple from buy lists.