New York: Apple Computer shares plunged 48 per cent Friday in the wake of a warning from the firm that its quarterly earnings would be "substantially" lower than expected. At 1200 GMT, Apple shares were at 28 dollars, down 25.50 dollars.Apple said late Thursday earnings for its fourth quarter ending September 30 will be lower than expected due to disappointing sales. In a statement, the company said a slowdown in all its regions of operation, a weaker-than-expected performance by its Education sales division, which usually peaks in September, and a worse-than-expected start for its Power Mac G4 Cube.
The company said it is reviewing its plans going forward and expects to announce lower growth targets for next quarter and for the next fiscal year when it announces its final results on October 18. "We've clearly hit a speed-bump," said Apple Chief executive Steve Jobs.
"Though this slowdown is disappointing, we have so many wonderful new products and programs in the pipeline - including Mac OS X early next year - and remain positive about our future."
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.