Apple stock drops despite jump in Q3 profit

Shares of Apple Inc. fell sharply as investors focused more on the company's cautious guidance for the current quarter than on the blockbuster Macintosh and iPod sales during the previous three-month period.

"The quarter was a home run," Chief Financial Officer Peter Oppenheimer said in an interview Monday.

It seems investors disagreed. Apple's shares sank $16.59, or 10 percent, to $149.70 in extended trading Monday, after gaining $1.14 to close the regular session at $166.29.

Cupertino, Calif.-based Apple said it shipped more Macs in its fiscal third quarter than ever before — 2.5 million, up 41 percent from a year ago, with desktop shipments growing faster than laptops.

That's a much steeper growth rate than the overall global PC market. Total computer shipments rose about 15 percent in the three months ended June 30, according to Framingham, Mass.-based research group IDC.

Apple also said iPod unit sales jumped 12 percent, a strong showing despite last year's launch of the iPhone, which melds iPod features with those of a smart phone. Some analysts had wondered whether iPod sales would lag as consumers opted for fancier, but pricier, iPhones.