Apple Earnings Missed Estimates For 3Q

Apple Inc. Earnings

Apple Inc.’s iPhone shipments and revenue missed estimates for the third quarter (3Q). According to the financial statement report released, 47.5 million iPhone units were sold in the third quarter, below the 48.8 million estimated by analysts.

The net income for the third quarter was $10.7 billion ($1.85 a share), while $49.6 billion revenue was generated for the same quarter, an increase of 33 percent. Revenue from China came in double at $13.2 billion even amidst China’s economic struggle.

Apple refused to make public the number of Apple wristwatches sold so far, the share has started falling and is currently down 7 percent as of the time of writing. The company has forecast its fourth-quarter revenue to be between $49 billion to $51 billion.

Crude Oil and Gold

Crude oil fell to $49 a barrel in Asia session and quickly retrace back to $50.90 during U.S market open, commodities drop to 13 years low in U.S. Gold dropped to a new low in years, touched 1071.73, the lowest in 15 years. Many investors think Gold will eventually find its own price level but currently, the precious metal is down 41 percent from $1800.

Forex

NZD/USD

New Zealand Kiwi continues to rise against the U.S dollar for the third consecutive day, the currency has gained 1.22 percent so far this week after reaching 0.64964 price level last week. If the current bullish is sustained after the official cash rate and RBNZ rate statement on Wednesday, it might just be establishing a support level at 0.64 price level, its lowest in 6 years.

EUR/USD

The dollar weaken as Greece made good on its promise to pay part of its loan. The pair reach 1.09693, its highest price peak in a weak. Many forex analysts think it is just a retracement that the pair is ripe for a sell at a 1.09 price level and pose to retest the 1.0800 level. The pair which hit its lowest since 2002 is currently still bearish in nature but caution should be applied considering Greece’s crisis and possible a bailout by the 6th of August ECB parliament meeting.