Apple Shares Dropping After Earnings Report

Shares of Apple were plunging $26 in after-hours trading as the company reported characteristically strong quarterly financials but weaker than expected iPhone sales. In its first earnings announcement since the death of co-founder and chairman Steve Jobs, Apple said profit rose 54 percent to $6.62 billion as revenue jumped 39 percent to $28.3 billion. Apple sold 11.1 million iPads, almost triple what it sold a year ago while it sold 6.6 million iPods, representing a 27 percent decline year-over-year. Iphone sales were 17.1 million in the quarter, a 21 percent increase. The stock was up fractionally during the regular session but sunk nearly 7 percent after the closing bell. At the start of a conference call, Apple CEO Tim Cook called Jobs "a creative genius and an amazing human being." Related Topics Steve Jobs Apple