Tuesday, Sep 2, 2014Tuesday, Sep 2, 2014
News
 

Apple's iPhone sales lag Wall Street expectations

Published on Jan 28, 2014 8:20 AM
 
The Apple logo is pictured at its flagship retail store in San Francisco, California, on Jan 27, 2014. Apple Inc sold fewer new iPhones than expected over the holidays, reflecting intense competition from arch-foe Samsung Electronics during the crucial period. -- PHOTO: REUTERS

(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.

 
If you are not a subscriber, you can get instant, unlimited access here