Apple loses $56 million this quarter

Apple surprised Wall Street by losing "only" $56 million, far less than the anticipated $70-100 million. Revenues dropped 23% compared to the same quarter a year ago.

Apple CFO Fred Anderson, who refuses to predict when the company will return to profitability, said that the company is back on track. "Though we do not expect to return to profitability in our fourth fiscal quarter, Appleā€™s management is focused sharply on that objective," he said. He added that the company is pinning a lot of its short-term hopes on the release of MacOS 8.0, due July 22

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