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Apple CEO Tim Cook at the launch of the new iPhone 4S AP Photo/Paul Sakuma, File

Late arrival of iPhone 4S sees Apple's Q4 results disappoint

Below expected revenues and earnings saw shares in the world’s leading tech company fall 7 per cent.

APPLE, THE JUGGERNAUT of consumer electronics, stumbled in its latest quarter, as the later-than-usual launch of the new iPhone held back sales.

Yesterday, Apple reported earnings and revenue that came in below analyst expectations, sending its stock down 7 per cent.

It was a rare miss for the seemingly unstoppable company and an inauspicious start for new CEO Tim Cook. But he promised that sales would come roaring back in the current quarter, when the iPhone 4S went on sale. Even in the just-ended quarter, earnings and revenue grew at rates that would be the envy of any large company.

Investors and analysts had expected the new phone to arrive in September, but Apple held off until Friday, delaying the sales surge into the new quarter.

Even so, iPhone sales were up 21 per cent from last year at 17.1 million, a remarkable achievement considering that the flagship model at the time, the iPhone 4, was more than a year old. Analysts, however, were hoping for 20 million.

Michael Walkley, an analyst for Canaccord Genuity, said the sales shortfall was all because of the timing of the iPhone 4S. He said Apple will make up for it in the next few months.

“The growth story hasn’t changed,” he said.

All-time record

Net income in the fiscal fourth quarter was $6.62 billion, or $7.05 per share. That was up 54 percent from $4.31 billion, or $4.64 per share, a year ago. Analysts polled by FactSet were expecting $7.28 per share.

Revenue was $28.3 billion, up 39 percent. Even though it wasn’t an all-time record, it was the highest for the July-to-September quarter. Analysts were expecting $29.4 billion.

Laptops were Apple’s strongest category in the quarter, with sales up 30 percent from the previous quarter thanks to the release of a new operating system, Lion. Total Mac sales set an all-time record at 4.9 million. Apple’s figures are bucking the trend for the PC market in general, which is seeing anemic growth.

Apple’s said it expects earnings of $9.30 per share and revenue of $37 billion. Apple usually low-balls its forecasts, and analyst figures are usually higher. But in this case, analysts had lower figures, expecting earnings of $9 per share and revenue of $36.7 billion.

In the full fiscal year, Apple earned $25.9 billion, or $27.68 per share. That was up 85 percent from the previous year. Revenue was $108 billion, up 66 percent.

Apple’s stock fell $28.26, or 6.7 percent, to $393.98 in after hours trading following the release of results. That wiped out one week of gains. At the close of regular trading, it was the world’s most valuable company, but the stock drop means it’s yielding the position to Exxon Mobil Corp.

Steve Jobs relinquished his position as CEO in August, after going on medical leave in January. He died Oct. 5 after years of battling pancreatic cancer.

Apple will close its stores for several hours Wednesday so employees can watch a webcast of a Jobs memorial service at Apple’s Cupertino, California, headquarters, according to a person familiar with the matter, who spoke on condition of anonymity and was not authorized to speak publicly.

4 million iPhones

New CEO Cook told analysts on a conference call that China continues to be the fastest-growing market for the company. In the latest quarter, sales were up nearly four times from last year and made up one-sixth of Apple’s overall sales.

“It’s an area of enormous opportunity. … The sky’s the limit in there,” Cook said.

On Monday, Apple said it had sold more than 4 million units of the new iPhone 4S in the first three days. That’s more than twice the number it sold in the three days after the launch of the earlier model last year.

“In our wildest dreams we couldn’t have gotten off to a start as great as we have on the 4S,” Cook said.

Holiday sales of Macs are threatened by massive flooding in Thailand, which has knocked out several factories that make hard disk drives.

“I’m virtually certain there will be an overall industry shortage of disk drives as a result of the disaster. How it affects Apple I’m not sure,” Cook said.

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13 Comments
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    Mute Dj
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    Nov 20th 2017, 12:53 PM

    Should be called “I used to be a celebrity and will eat kangaroo balls to get famous again”

    525
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    Mute Peter Lewis Jnr
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    Nov 20th 2017, 2:06 PM

    @Dj: I often refer to it in a similar fashion.. “I used to be a celebrity, get me into anything!”

    78
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    Mute Sean
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    Nov 20th 2017, 2:49 PM

    @Dj: Even a past it celeb is better than the wife of a celeb. Has she no shame?

    59
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    Mute Dj
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    Nov 20th 2017, 3:32 PM

    @Sean: Who is she??..Did she get her kit off yet?

    4
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    Mute Rob Cahill
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    Nov 20th 2017, 4:29 PM

    @Dj: Some England footballers wife..

    5
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    Mute Jas
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    Nov 20th 2017, 6:29 PM

    @Dj: I’ll be a celebrity when I get out of here

    8
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    Mute Gagsy 99
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    Nov 20th 2017, 12:58 PM

    Class program.
    Unashamedly z-list celebs. Would be equally entertaining if they were all nobodies.
    Light entertainment at its best.

    Feel free to judge me!

    235
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    Mute Grace Jeaney
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    Nov 20th 2017, 4:00 PM

    @Gagsy 99: agreed, it’s a good laugh.

    41
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    Mute Phil Swan
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    Nov 20th 2017, 4:10 PM

    @Gagsy 99: I completely agree, haven’t a clue who any of them are and don’t care. Bit of crack to watch after everything else on television depresses you.

    47
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    Mute Gary
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    Nov 20th 2017, 4:55 PM

    @Gagsy 99: Agreed. I know Dennis Wise and Amir Kahn and that’s about it.

    8
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    Mute Sean
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    Nov 20th 2017, 6:29 PM

    @Gagsy 99: A celeb free version would be better. As long as they stay clear of the Towie types.

    4
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    Mute Abe Brennan
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    Nov 21st 2017, 1:19 AM

    @Gagsy 99: They are all nobodies

    1
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    Mute Mel Fitzpatrick
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    Nov 20th 2017, 1:15 PM

    Never miss it. Don’t watch it for the ‘celebrities’ I watch if for Ant and Dec. They are brilliant and the when they dealt with Ant’s rehab was equally brilliant.

    175
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    Mute Mel Finn
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    Nov 20th 2017, 1:01 PM

    Amir khans observation as he entered the camp for the first time ” its full of trees and leaves ” what was he expecting in a jungle, glaciers maybe

    155
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    Mute Deborah Behan
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    Nov 20th 2017, 2:10 PM

    @Mel Finn: he’s never watched the show before so this should be interesting.

    20
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    Mute Abe Brennan
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    Nov 21st 2017, 1:24 AM

    @Mel Finn: And toffs comment tonight as she stood by the creek, this must be where we get the water from to boil it up. Clever girl.

    1
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    Mute Kieran OKeeffe
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    Nov 20th 2017, 12:50 PM

    Saw a few minutes of it last night,with the exception of Dennis wise,have no clue who the”celebrities”are…gone beyond z list..

    106
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    Mute lavbeer
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    Nov 20th 2017, 12:53 PM

    @Kieran OKeeffe: Boris Johnson auld fella is probably a buffoon as well – he is bound to drag a clanger or two

    36
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    Mute Gagsy 99
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    Nov 20th 2017, 1:02 PM

    @Kieran OKeeffe:
    I read a Viz top-tip once :

    “ITV, increase viewer numbers by making a celebrity version of I’m a celebrity get me out of here”

    65
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    Mute windbag
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    Nov 20th 2017, 1:35 PM

    @Kieran OKeeffe: of course it’s going to be Z listers. ..A listers don’t need the money or the publicity…. .. I always watech it , it’s a bit of craic..

    27
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    Mute Deborah Behan
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    Nov 20th 2017, 2:09 PM

    @windbag: Ant and Dec alone are worth it alone but what they put the contestants through is gas!

    21
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    Mute Ger
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    Nov 20th 2017, 1:00 PM

    I enjoy it most years. You know it’s going to be Z list celebrities but a few decent characters always emerge, like Lady C and couple of years ago who was great telly. I imagine Boris Johnsons dad will be of a similar ilk and should be good for a laugh . A few people on it this year who hardly ever rank as Z list though. One bloke who is the brother of a pop star?? And Jamie Vardys wife. Since when does being related to a celebrity count as being a celebrity?
    I’ll probably still watch it this year despite the fact that it’s a less than stellar cast.

    56
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    Mute Deborah Behan
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    Nov 20th 2017, 2:48 PM

    @Ger: Scarlett, Joel and Adam were so entertaining last year I hope this year can be as good.

    8
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    Mute Ger
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    Nov 20th 2017, 5:52 PM

    @Deborah Behan: yeah they were great. I’m not as hopeful with this years crowd other than Johnson but you never know.

    1
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    Mute Don Juan
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    Nov 20th 2017, 12:50 PM

    They’re celebrities? I know Dennis Wise and that boxer..

    34
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    Mute ""
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    Nov 20th 2017, 1:32 PM

    No story on the RTE groomer? Any offers ?

    25
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    Mute Ben Dawkins
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    Nov 20th 2017, 12:51 PM

    I’d sooner stick my face in slurry. The most pointless program on telly.

    73
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    Mute Gagsy 99
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    Nov 20th 2017, 1:00 PM

    @Ben Dawkins:
    What ‘point’ would you seek from it?

    38
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    Mute Noel James Doherty
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    Nov 20th 2017, 1:07 PM

    @Ben Dawkins: pointless on the BBC now there’s a programme i do love

    50
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    Mute Let free speech live
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    Nov 20th 2017, 1:50 PM

    @Ben Dawkins: They would probably put you on the show to fish stars out of the slurry with your teeth.

    8
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    Mute Rob Cahill
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    Nov 20th 2017, 1:51 PM

    @Ben Dawkins: You realise there’s a show where you watch people watching telly right??

    9
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    Mute Kieran Conroy
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    Nov 20th 2017, 1:05 PM

    Stopped watching TV a couple of years ago.Total trash with a few exceptions.I don’t need to see some idiot baking a fu@king cake,someone buying a house in the country,or some d!ck prancing around on ice.The great days of quality telly are long gone.Everything now is dumbed-down TV.No thanks.

    95
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    Mute OCallaghan TP
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    Nov 20th 2017, 1:48 PM

    @Kieran Conroy: ha ha… so true..its sh it

    27
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    Mute Rob Cahill
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    Nov 20th 2017, 1:52 PM

    @Kieran Conroy: There’s more than just reality TV to be fair.

    12
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    Mute Danielle Kenny
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    Nov 20th 2017, 4:36 PM

    @Kieran Conroy: ha! We’re actually in a golden age of television at the moment, there’s more than reality tv to watch! I love people giving out about a problem that doesn’t exist

    3
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    Mute Rob Cahill
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    Nov 20th 2017, 1:55 PM

    I can’t understand having a famous person’s wife on it.. If she had a fashion label like Posh then maybe but just marrying someone doesn’t make you a celebrity. Although it does seem like she is going to be trouble so that’s what they are after.. Was too nice last year.. They wan’t a bit of drama.

    17
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    Mute OCallaghan TP
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    Nov 20th 2017, 1:43 PM

    Them 2 are the most irritating duo ever.. and are way overrated…

    26
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    Mute Gagsy 99
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    Nov 20th 2017, 1:50 PM

    @OCallaghan TP:
    By you.
    I think they’re great!

    24
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    Mute OCallaghan TP
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    Nov 20th 2017, 3:57 PM

    @Gagsy 99: I’m delighted for you ..

    2
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    Mute Gagsy 99
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    Nov 20th 2017, 6:13 PM

    @OCallaghan TP:

    Thanks for the empathy!

    1
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    Mute Rachel Didleu
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    Nov 20th 2017, 2:04 PM

    Arbour Hill is going to get very very full with Irish Stars….Humphries and Creaven will be able to compare notes ……if we disinter our 1916 heros there should be just enough space for The paedo stars….Fairy House how are yew?

    11
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    Mute Gagsy 99
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    Nov 20th 2017, 6:16 PM

    @Rachel Didleu:

    What an unusual post on the topic of a light entertainment show.

    6
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    Mute Fiona deFreyne
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    Nov 20th 2017, 1:05 PM

    The cult of celebrity is enjoyable for some.

    11
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    Mute Paul Costello
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    Nov 20th 2017, 1:23 PM

    I wish someone would leave those two flutes in the jungle permanently

    18
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    Mute Ciaran De Bhal
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    Nov 20th 2017, 4:26 PM

    I’m a nobody, get me on the telly.

    10
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    Mute WilhelminaMCallaghan
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    Nov 20th 2017, 2:13 PM

    No don’t have a tv nor a computer nor internet.
    My phone only work in the city but not to watch anything.
    But even if I had a tv I despise so called “reality tv” is nothing but the glorification of mediocrity. I can’t stand that . Bores me senseless when I go visit people and they are watching it I look and think why would you waste time with this .

    9
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    Mute Gagsy 99
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    Nov 20th 2017, 6:20 PM

    @WilhelminaMCallaghan:

    Maybe, just maybe, it doesn’t bore the people you visit senseless and they don’t see it as a waste of time?

    Or another theory would be that they do find it bores them senseless but as soon as they see you coming to visit they immediately stick it on because everything is relative, right?

    I’m sure it’s definitely one of those two.

    9
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    Mute Peter Coen
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    Nov 20th 2017, 1:41 PM

    Not if you paid me,would i watch that shite.

    21
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    Mute Gagsy 99
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    Nov 20th 2017, 1:51 PM

    @Peter Coen:
    Fortunately that’s not how it works.
    You can just watch it or not!

    10
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    Mute Brian O Reilly
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    Nov 20th 2017, 3:36 PM

    Watched it briefly,there are just too many safety devices. unhitch the safety harnesses and I would gladly watch in the hope that !!!!!

    5
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    Mute James Mc Loughlin
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    Nov 20th 2017, 1:29 PM

    You have to be careful who you praise with all this going on

    5
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    Mute Louise Collard
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    Nov 20th 2017, 6:28 PM

    Terribly cruel to animals, must scare the poor things. Why isnt the RSPCA not stepping up and closing this cruelty down???

    6
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    Mute Dean Moriarity
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    Nov 20th 2017, 3:52 PM

    No, because I don’t want to end up in rehab like Ant.

    5
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    Mute Cindy Crawford
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    Nov 20th 2017, 1:51 PM

    I have no interest in ‘ celebrity ‘ based programmes. The only way you’d get me to watch it is to have Gerard Butler or Bradley Cooper naked in it. Preferably both.

    4
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    Mute Ted Murray
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    Nov 20th 2017, 2:13 PM

    @Cindy Crawford: __ I don’t think they’d get away with Celebrity Homoerotic Wrestling, not even after the watershed.

    10
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    Mute Cindy Crawford
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    Nov 20th 2017, 3:06 PM

    @Ted Murray: Pity

    5
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    Mute Toon Army
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    Nov 20th 2017, 9:17 PM

    Shocking stuff

    2
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    Mute Alois Irlmaier
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    Nov 20th 2017, 5:43 PM

    Never have because its vile.

    2
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    Mute Dwayne Jordan
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    Nov 20th 2017, 9:26 PM

    No thanks I have a life

    2
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    Mute Unitedpeople
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    Nov 21st 2017, 7:16 AM

    No. Mindless irrelevant programming with poor genuine entertainment value.

    2
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    Mute aaronmcgrattan
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    Nov 20th 2017, 7:46 PM

    I’m sorry, I forgot to vote as I was so bored by the question alone

    1
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    Mute Rob
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    Nov 20th 2017, 11:42 PM

    Don’t watch TV anymore, nothing but reality crap. Switched to Netflix and other streaming services.

    2
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    Mute Paul Jennings
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    Nov 21st 2017, 12:13 AM

    Television goes from bad to worse. Glad I kept my videos going back 25 years or so. Even the advertisements are more interesting. Or less irritating. There was more quality with less quantity and options. No wonder you need a remote to channel hop between the “66 channels of shit on the t.v. to chose from,” as sung by Mark Knopfler of Dire Straits in the early 1980s. Where is the pleasure in seeing someone being carved up on the operating table, being evicted by the bailiffs or an interview with lifers in an American penitentiary? We’re looking for escapism, not reality, or what passes for it. Three or four channels would suffice please and I don’t mind having to get up to press clunky channel controls, wait for the ‘set to warm up, adjust the horizontal/vertical hold or the contrast even.

    1
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    Mute Joseph Dempsey
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    Nov 21st 2017, 8:12 AM

    Appalling shite, only beaten by the mind numbing ghastly Big Brother

    2
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    Mute John Rownano
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    Nov 20th 2017, 2:14 PM

    TV for the Terminally stupid

    1
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