Apple earnings sliced

Apple Computer has reported fourth-quarter operating earnings of $US65 million ($156.9 million), or 18 cents per share. In the same period last year it earned $US108 million, or 30 cents per diluted share.

Sales for the period ended in September dropped to $US1.45 billion from $US1.87 billion.

The figures hit company targets but Apple said consumer spending had fallen sharply after the September 11 air attacks. It dropped its earnings target for this quarter far below Wall Street estimates.