<ul><li>Apple warns Wall Street of $700 million after-tax loss for its most recent quarter, revealing more financial trouble than previously thought.</li><li>Over half of the loss comes from $1 billion of unsold products.</li><li>Apple's worst quarterly loss ever, exceeding their previous low of $188 million.</li><li>New CEO, Gil Amelio, expresses confidence in identifying and fixing the problems to build upon Apple's strengths.</li></ul>

Today in Apple history: Apple racks up staggering $700 million loss

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