Apple's iPhone sales lag Wall Street expectations
(REUTERS) - Apple Inc missed Wall Street's lofty target for iPhone sales over the crucial holiday shopping season and offered a weaker-than-expected forecast for this quarter, sending its shares down 8 per cent on Monday.
The world's most valuable technology company sold a record 51 million iPhones in the quarter, but that was shy of the 55 million or so analysts had expected, reflecting intense competition from arch-foe Samsung Electronics during the crucial period.
The company forecast sales of US$42 billion (S$54 billion) to US$44 billion this quarter, which investors anticipate will be brisker than usual because of its recently sealed deal to sell iPhones through China Mobile Ltd, the country's No. 1 carrier.
Wall Street was expecting US$46 billion, on average.