Apple shares take a hit after Q2 profits disappoint

Apple shares led the fallers on the Nasdaq shortly after open following a disappointing second quarter trading update from the tech giant.

Its shares dropped 4.45% to $574 each after the maker of the iPhone and iPad reported a net profit of $8.8bn in the three months to the end of June, up 21% from a year earlier but lower than forecast. Sales came in at $35bn, up from $28.6bn in 2011, but missing expectations, as analysts were looking for third quarter revenue of $37.2bn, according to a Thomson Reuters poll. The company sold 26m iPhones during the quarter, a rise of 28%, but this was not enough to meet predictions. The rare miss was blamed on dwindling demand for its newest phone, as customers wait for the latest upgrad...