Apple Misses Sale Targets

    A customer walks under an Apple logo sign at an Apple shop in Shanghai on February 22, 2012. Despite suffering a setback in a Shanghai court on February 23, Proview Technology, a financially strapped Chinese company has reportedly opened up a US front in its legal war with Apple over the iPad trademark. AFP PHOTO / Peter PARKS (Photo credit should read PETER PARKS/AFP/Getty Images)

    Peter Parks / Getty Images

    Apple reported sales on Tuesday below Wall Street’s expected targets, with analysts saying the poor European economy and consumers waiting for the iPhone 5 had stalled sales. Apple, which nearly always beats expectations, had its second straight quarter of losses, a hit for the world’s most profitable company under Tim Cook, who took the reins last August. On the news, shares of Apple slid in late trading, although it recouped some its losses by the end of the day. From April to June, Apple shipped 26 million iPhones, while analysts had predicted that 28 to 29 million would be sold in that time. But there was good news for the company: anticipation is building for the iPhone 5, which is expected to hit shelves later this year.

    Read it at Reuters