Apple's profit rocket hits air pocket
NEW YORK – Apple's profit surge halted in the latest quarter, as a flood of new products like the iPhone 5 meant high start-up costs for new production lines.
Apple posted net income for the October to December quarter that was flat with the year before. It was the first time in years that Apple didn't post a double-digit earnings increase.
The report also made clear that Apple is no longer able to sustain the breakneck sales increases of the last three years, even with a fresh iPhone on store shelves. Apple shares fell $31.70, or 6.2 percent, to $482.31, in extended trading, after the release of the results.
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