Many companies would love to share the success that Apple is currently enjoying, the latest iPhone model is selling strongly since it was first revealed a couple of weeks ago. But iPhone 5 release date rumors are being blamed for the latest Apple financial results that disappointed some Wall Street analysts.
The constant rumors surrounding the release of the next iPhone is being blamed for slowing demand for during the company’s September quarter. Apple’s shares slid by seven percent during extended trading yesterday knocking $27 billion from the value of the world’s biggest technology company according to The Economic Times.
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It was the first quarterly earnings with new CEO Tim Cook at the helm, as Apple take on the likes of Google and Samsung in the mobile market. Channing Smith of Capital Advisors Growth Fund said, that some investors are going to question the Apple’s direction now Steve Jobs is not in charge, but added “we don’t share that point”.
Analysts had predicted Apple would sell twenty million iPhone s during the fourth quarter, and actually managed 17.07 million. The iPhone remains Apple’s main product accounting for forty percent of annual sales. It is felt though that the company will see a strong holiday season now the iPhone 4S has been released.
Many consumers obviously put off getting a new iPhone with all the rumors a new version was on the way. Apple CEO Tim Cook said he was “very confident” the company would achieve record iPhone sales during the current quarter, and revealed the company had shifted double the amount of iPhone 4S units in the first three days of availability compared to last year’s model.