AP News

News Summary: Apple warns of holiday earnings drop

EXPENSIVE CHRISTMAS: Apple expects its profit to decline this holiday season, compared to last year. It's usually conservative in its forecasts, but it's sending a strong signal to Wall Street to bring down its estimates.

THE BACKGROUND: Apple has announced a record number of new devices for the season, including an iPhone and two iPads. New gadgets are more expensive to make than ones that been on the production lines for a long time.

THE BOTTOM LINE: For the just-ended fiscal fourth quarter, Apple Inc. earned $8.2 billion, or $8.67 per share. That was up 24 percent from a year ago. Revenue rose 27 percent to $36 billion.

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