Date: Tuesday, October 11th, 2005, 23:41
SAN FRANCISCO (MarketWatch) – Apple Computer Inc. shares lost more than 10% of their value after the closing bell Tuesday after the company’s revenue failed to meet analyst expectations, while Advanced Micro Devices Inc. shares lost ground despite the company’s surging profits.
The Nasdaq-100 After Hours Indicator, which tracks the evening action of the technology-heavy index’s leading shares, was down 7.9 points to 1,531.40.
Shares of Apple Computer fell to $46.05 in late trading after reporting a fourth-quarter profit of $430 million, or 50 cents a share. Excluding a 12- cents-a-share tax benefit, the company earned 38 cents a share to beat estimates of analysts surveyed by Thomson First Call, who forecast a profit of 37 cents a share.
However, Apple’s revenue of $3.68 billion was shy of analysts’ $3.74 billion average estimate.
Shares of PortalPlayer, which supplies components for Apple’s market- leading iPod music players, shed 9% to $23.90 following Apple’s earnings results.