Apple Releases iOS 4.0.1 Update (AAPL, MSFT)
Apple (NASDAQ:AAPL) is receiving much flak for the malfunctioning of its latest release iPhone 4. The phone has received negative reviews for its antenna problem. The problem had been so widespread that it is speculated that the company might recall the faulty phones. Some news sources had claimed that Apple engineers had warned the company about the antenna design defect, but the company chose to ignore that. Apple has denied that the company was warned by its engineers about the potential flaw. The negative reports about iPhone 4 have led the stock to tumble 4% this week.
The company has now released an update patch for its iOS. However, the customers are facing problems installing the patch. Others have complained about firmware problems, which is causing “error 9.” The update was meant to fix Wi-Fi and signal problems. This update has also added Microsoft (NASDAQ: MSFT) search engine Bing to iPhone.
Apple is also increasingly getting aggressive on acquisition front. Historically, Apple has made less than one acquisition per year, but now the company is looking to change it. It has been reported that the company has now acquired a Canadian startup firm Poly9 Group. The company engages in creating 3-D global maps. If true, the acquisition would be the sixth deal for the company this year. Apple refused to comment on the news.
The tech giant stock is scheduled to report its fiscal third-quarter results on Tuesday next week. The market is expecting the company to report $2.8 billion in net income, up from $1.23 billion a year earlier. Its quarterly revenue is also likely to report a sharp increase of 75% to $14.6 billion. The iPad and the iPhone 4 are likely to be the main catalysts for the quarterly results. The company stock is currently trading at $253 level. Apple’s current market cap is estimated to be $230.19 billion.
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