Apple shares tumble after lackluster earnings

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Associated Press

Posted on January 28, 2014 at 9:01 AM

Updated Tuesday, Jan 28 at 10:01 AM

NEW YORK (AP) — Apple's stock is tumbling in morning trading, hurt by a lackluster first-quarter performance and a cautious second-quarter revenue outlook.

The shares dropped more than 7 percent, hovering slightly above $511. The iPhone maker initially lost nearly $40 billion in market value.

On Monday Apple Inc. said it sold more iPhones and iPads in the first quarter than in any prior quarter, but investors were expecting even bigger things from the Cupertino, Calif., company.

Apple also announced a second-quarter revenue forecast of $43 billion, below Wall Street's $46.13 billion estimate.

The company's stock has started losing some ground in the past year due to concerns about slowing growth and growing competition.

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