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AAPL: Apple Stock Down Ahead of Earnings

The company's earning exceeded Wall Street forecasts


Apple (AAPL) announced its quarterly earnings on Wednesday.

AAPLThe company’s earnings report exceeded analysts’ estimates with the company earning $10.2 billion, or $11.62 a share. Apple stock closed out on Wednesday down 1.31% at a per-share price of $524.75.

CEO Tim Cook also talked about the company’s 7-for-1 stock repurchase plan. The plan’s aim is to make AAPL stock more attractive to potential buyers.

Cook said that the company’s sales were on the high-end of its forecasts with 16.4 million iPads sold. The company’s CEO also said that the iPad is the fastest-growing product in Apple’s history with 210 million sold since its launch four years ago.

Apple is aiming for third-quarter revenue between $36 billion and $38 billion.

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