Apple Stock Drops on Missed Estimates After IPhone Lull
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Apple Inc. shares fell 4.3 percent after quarterly iPhone sales missed analysts’ projections, underscoring the computer maker’s reliance on the smartphone.
The company sold 26 million iPhones in the fiscal third quarter, shy of the 28.4 million predicted by analysts surveyed by Bloomberg. That caused Apple to miss analysts’ quarterly sales and profit estimates for the second time since 2003.