Wednesday, April 24, 2013

Apple Dives as Cook Reports Profit Dip and No June IPhone

From Bloomberg: The shares of Cupertino, California-based Apple declined as much as 3.4 percent. While Cook outlined plans to debut new products starting late this year, analysts including Gene Munster at Piper Jaffray Cos. had expected the iPhone 5S in June and now anticipate that the new handset may not ship until September at the earliest.

Cook yesterday boosted Apple’s quarterly dividend and alloted more cash to buybacks, adding $55 billion to its plan to return cash to shareholders -- bringing the total to $100 billion through 2015. Cook made the announcements as Apple reported narrowing margins, an 18 percent decline in earnings and acknowledged that growth will continue to slow….

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