Apple Plunges 7% on Flat Profit

Mukesh Buch
28 Jan, 2014
New York City

Apple profit was flat but sales jumped. Comcast net surged 26%. Du Pont net doubled. Ford net surged 90% and sales grew 4%. Illinois Tool profit tumbled 65%. Pfizer profit plunged 59% and sales fell 2%. T. Rowe net soared 24%.

[R]11:25 AM New York – Apple profit was flat but sales jumped. Comcast net surged 26%. Du Pont net doubled. Ford net surged 90% and sales grew 4%. Illinois Tool profit tumbled 65%. Pfizer profit plunged 59% and sales fell 2%. T. Rowe net soared 24%.[/R]

Apple Inc ((AAPL)) plunged 7.2% or $39.50 to $511.06 after the mobile and media devices maker reported revenue in the first-quarter jumped 5.7% to $57.6 billion.

Net income in the quarter were flat at $13.1 billion and a diluted share increased to $14.50 from $13.81 in a year ago quarter.

The company sold 51 million iPhones compared to 47.8 million and iPads sales jumped 26 million from 22.9 million a year ago period. The company sold 4.8 million Macs, compared to 4.1 million a year ago earlier.

Apple declared cash dividend of $3.05 per share payable on February 13.

Apple expects revenue in the second-quarter between $42 billion and $44 billion and gross margin in the range of 37% to 38%.

Comcast Corporation ((CMCSA)) increased 2% or $1.07 to $53.56 after the communications products and services provider reported revenue in the fourth-quarter ending in December climbed 6.2% to $16.9 billion.

Net income in the quarter surged 25.7% to $1.91 billion or 72 cents a diluted share compared to $1.52 billion or 56 cents.

For the year, revenue increased 3.3% to $64.7 billion and net income jumped 10% to $6.82 billion and diluted earnings per share grew $2.56 from a year earlier.

E I Du Pont De Nemours And Co ((DD)) slipped 36 cents to $59.88 after the industrial conglomerates said net sales rose 6% to $7.84 billion.

Net income in the quarter doubled to $185 million or 20 cents a diluted share compared to $92 million or 9 cents.

Separately, Du Pont said board of directors authorized a new $5 billion share repurchase program of the company''s common stock.

Ford Motor Company ((F)) rose 6 cents to $15.77 after the automaker reported revenue in the fourth-quarter ending in December grew 3.6% to $37.6 billion.

Net income in the quarter surged 90% to $3.04 billion or 74 cents a diluted share compared to $1.6 billion or 40 cents.

Illinois Tool Works Inc ((ITW)) gained 1.2% or 96 cents to $79.25 after the industrial products maker reported total revenue in the fourth-quarter ending in December grew 2% to $3.55 billion.

Net income in the quarter tumbled 64.5% to $408 million or 93 cents a diluted share compared to $979 million or $2.11.

The company expects full-year earnings per share to be in a range of $4.30 to $4.50.

Pfizer Inc ((PFE)) jumped 2.9% or 88 cents to $30.54 after the biopharmaceutical company stated revenue in the fourth-quarter ending in December fell 2% to $13.56 billion.

Net income in the quarter plunged 59% to $2.57 billion or 39 cents a diluted share compared to $6.31 billion or 85 cents.

T. Rowe Price Group, Inc. ((TROW)) climbed 4.7% or $3.60 to $80.11 after the investment company reported total revenues in the fourth-quarter ending in December climbed 17.8% to $928 million.

Net income in the quarter surged to $287.7 million or 88 cents a diluted share compared to $232 million or $1.06.