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Yahoo’s $1.1bn gamble on Tumblr Yahoo said it is acquiring blogging service Tumblr for $1.1bn (€850m) cash, a bold bet by chief executive Marissa Mayer to revitalise the struggling internet pioneer by co-opting a web property with strong visitor traffic but little revenue.
Hungary meets German pressure with Nazi tauntsTensions between Germany and Hungary have flared over remarks by the countries' leaders, including references to Hitler's occupation of the eastern European country in 1944 and an irritated German government response condemning Hungary's allusion to the Nazi era as "deplorable derailment".
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Limerick lose out again Limerick's Division 1B defeat by Dublin won't be revisited despite the question of Paul Ryan's eligibility in the game.
Paulie backs O’Gara coaching callPaul O'Connell has backed former Munster team-mate Ronan O'Gara to be a "great" coach after the fly-half announced he was retiring and taking a job on Racing Metro's backroom staff.
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Time on Stewart’s side as album tops UK chartsRod Stewart said he was "over the moon" as he celebrated his 15th No 1 with a champagne toast.
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Breaking stories
Apple sees sales slump continue in Q1
By Adam Satariano
Apple reported first-quarter sales below analysts’ predictions, adding fuel to investor pessimism that has sent shares down 27% since September.
Profit was little changed at $13.1bn (€9.8bn), or $13.81 a share, in the period that ended Dec 29, Apple said in a statement last night. Sales rose 18% on the same period in the previous year to $54.5bn.Analysts had predicted profit of $13.53 a share on revenue of $54.9bn, according to a Bloomberg average of estimates.
The results bolster speculation that Apple’s growth may be ebbing amid higher production costs, stiffer competition from rivals such as Samsung, and slowing expansion in the global smartphone market. Investors are looking to chief executive Tim Cook to demonstrate Apple has more blockbuster products in the pipeline to reignite sales.
“It’s going to call into question whether we have seen the peak of Apple,” said Shaw Wu, an analyst with Sterne Agee & Leach.
“One quarter can’t answer that question, but the concern will be heard louder until proven otherwise, and that will weigh on the stock.”
The lack of profit growth reflects higher manufacturing costs due to a product lineup overhaul ahead of Christmas.
The first quarter is usually Apple’s most lucrative, and the company introduced the iPhone 5, iPad Mini, and restyled Mac to draw customers.
Sales of the iPhone, Apple’s biggest source of revenue and profit, reached 47.8m units. The company also sold 22.9m iPads.
Apple, the world’s most valuable company, fell in extended trading. The shares advanced 1.8% to $514.01 at the close in New York.
For the fiscal second quarter, now under way, Apple forecast sales of $41bn to $43bn. That compares with predictions by analysts for revenue of $45.5bn.
With the cost of redesigning its products, Apple’s gross margins, the percentage of sales remaining after deducting costs of production, was 38.6% in the first quarter, above the 36% the company had predicted in October.
Apple also sold 4.1m Macs and 12.7m iPods.
Initial iPhone 5 sales were lower than some investors anticipated due to supply shortages, and consumers criticised new mapping software. That contributed to the stock slide since an intraday high on Sept 21, said Brian White, an analyst at Topeka Capital Markets.
The company overhauled its management structure to fire longtime mobile-software head Scott Forstall, and reports Apple has been cutting orders of components also led some to believe demand is falling, White said.
“It has been an avalanche of bad news and at some point it just has to stop,” White said.
Bloomberg