Apple Profit Down 61% on Declining Sales
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Bloomberg News
Apple Computer Inc. said its fiscal fourth-quarter profit fell 61% as demand failed to increase.
Net income was $66 million, or 19 cents a share, in the period ended Sept. 29, compared with $170 million, or 47 cents, a year earlier. Sales fell 22% to $1.45 billion from $1.87 billion.
Apple shares fell $1.02, or 5.7%, to close at $16.99 on Nasdaq. They have risen 14% this year.
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