Apple Computer’s stock dropped almost five percent in trading today after Credit Suisse First Boston analyst Robert Semple said he expects the company’s fiscal fourth-quarter numbers to fall short of Wall Street expectations.
Semple said he expects Apple to forecast revenue of $4.6 billion to $4.8 billion, short of the $4.97 billion analysts expect for the fourth-quarter, which ends September 6, 2006. Semple also predicted Apple to announce a profit of 50 cents a share for the quarter, shy of the 52 cents expected by analysts.
In a note to clients Semple said he expects Apple to use September to reduce iPod inventories as they prepare for a refresh of the popular music player — he expects the new iPods in the September to October timeframe.
Apple stock closed at $52.96, down $2.69 or 4.83 percent from its opening price of $55.18. In after hours trading the stock is currently at $53.00.