Apple Stock Takes Significant Hit as iPhone Sales Miss Target

Apple stock is currently down nearly five percent in trading on the NASDAQ this morning, just one day after Apple reported its rather lackluster financial earnings results for the third quarter of the fiscal year. While iPad sales were higher than expected, the iPhone failed to hit sales targets set by Wall Street analysts by an average of three million units. The iPod also continued its year-over-year decline in sales, with the entire lineup of portable media players in need of an update. Apple has neglected to update the iPod touch with a hardware refresh since late 2010, while other iPods have been almost forgotten about as well.

There was some shining light in Apple’s third quarter earnings results, however, as the Cupertino-based company posted an impressive 23 percent growth year-over-year overall. Moreover, iPhone sales during the third quarter were, as Apple has admitted, most likely slowed by rumors and speculation that has been pointing towards the launch of a new iPhone in the Fall. A number of impressive Android offerings surely didn’t help along iPhone sales, either. Despite the dip, many Wall Street analysts are still maintaining their projections that Apple stock will hit around the $700 to $750 price range or higher in the future.

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