28 Jan 2014

Apple shares down

12:38 pm on 28 January 2014

Shares in Apple slumped more than seven percent in after-hours trading on Monday after it missed analysts' targets for iPhone sales in its latest quarterly results and gave a weaker-than-expected outlook.

The company said its revenues hit new highs of $US57.6 billion in the three months ended December, resulting in a profit of $US13.1 billion.

It says the result was helped by selling a record 51 million iPhones.

Apple said revenue rose by 29% in China, Taiwan and Hong Kong, compared to the same period last year.

However, the BBC reports sales in the rest of the Asia-Pacific region fell 9 percent and the company also reported a sales dip in the Americas.

But the BBC reports iPhone sales lagged Wall Street's target and Apple's sales outlook for the March quarter also fell short of expectations.

The company forecasts sales of $US42 - $US44 billion in the March quarter, below Wall Street's average expectations of $US46 billion.