I am convinced the stock market is a giant casino, where no one, particularly people in the so-called financial industry, has a clue about what the hell is going on... Apple on Wednesday reported a fiscal second-quarter profit of $1.05 billion, or $1.16 a share, on $7.51 billion in revenue. During the same period a year ago, Apple earned $770 million, or 87 cents a share, on sales of $5.26 billion.
The results topped Apple's forecast of a profit of 94 cents a share and $6.8 billion in revenue. Analysts estimated Apple would earn $1.05 a share on sales of $7 billion. The company said that during the quarter ended March 31 it sold 2.29 million Macintosh computers, 1.7 million iPhone's and 10.6 million iPod's. For its third quarter, Apple estimates it will earn $1 a share on $7.2 billion in sales.
So... AAPL comes in with awesome earnings and goes down after hours, all the major banks lose dumpster loads of money and the stock goes up. Even worse, companies report XXX earnings, then two days later it's announced it was largely because of some random currency credit or whatever. how does anyone accurately read earnings? The answer is... You can't!
George Parker
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Member since: 03 Jun 2008
Last login: 17 Nov 2009
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