Afternoon Buzzers: Apple Apologizes, Facebook Launches New Platform
Shares of Apple (NASDAQ:AAPL) are down more than 1 percent today after CEO Tim Cook posted an apology letter on Apple’s website for the recent disappointment over Apple Maps. He writes, “At Apple, we strive to make world-class products that deliver the best experience possible to our customers. With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps better.” The company also has instructions for adding Google (NASDAQ:GOOG) and Nokia (NYSE:NOK) web maps to a users Home screen.
Nike (NYSE:NKE) shares are recovering slightly this afternoon after falling sharply in early trading. The company said net income dropped 12.1 percent to $567 million ($1.23 per share) for its first quarter, compared to $645 million ($1.36 per share) a year earlier. It was the fifth straight quarter that the company saw shrinking gross margins, as gross margin fell 0.8 percent to 43.5 percent from the year earlier quarter. In that period, margins have contracted an average of 1.9 percentage points per quarter on a year-over-year basis.
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Research in Motion (NASDAQ:RIMM) shares surged more than 7 percent after reporting a smaller-than-expected quarterly loss. The company posted a loss of 27 cents per share, compared to estimates for a loss of 46 cents per share. RIM also reported revenue of $2.87 billion, beating estimates of $2.5 billion.
Shares of Facebook (NASDAQ:FB) climbed more than 7 percent this afternoon. The social-media giant is launching a new service that allows users to purchase real products for their friends. The move into e-commerce is called Gifts, and will roll out over the coming months. As the name suggests, it enables users to buy, give and ship real gifts to friends directly through Facebook. Gifts can be given from the birthday reminders news feed, or from a person’s timeline.
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