Apple revenue misses again, iPhone disappoints
SAN FRANCISCO (REUTERS) - Apple reported quarterly revenue that slightly missed Wall Street expectations as sales of its flagship iPhone came in below target, sending its shares down more than 4 per cent.
The world's largest technology company shipped 47.8 million iPhones, lower than the roughly 50 million that Wall Street analysts had predicted. Sales of the iPad came in at 22.9 million in the fiscal first quarter, about in line with forecasts.
Sources this month have pointed to production cutbacks at Apple's component suppliers as a sign that demand may be waning for the iPhone, which accounts for half of the company's sales, and the iPad.
The disappointing numbers come after Apple undershot revenue targets in the previous two quarters. The results will prompt more questions on what Apple has in its product pipeline, and what it can do to attract new sales and maintain its growth trajectory.