Apple share price falls as it misses iPhone sales forecast despite record sales
Apple's share price has fallen after it revealed that it failed to meet analyst's expected target of selling 55 million iPhones in the last quarter, although it did still sell a record 51 million units of the phone.
Alongside the record number of iPhone sales, the company also sold 26 million iPads during the last quarter, with the company producing a flat profit of $13.7bn, just short of the $13.8bn it reported during the same period a year ago.
Meanwhile, revenue grew by 5.7 per cent to $57.59bn.
Analysts have said that the reason for the flat profit margin reflects the competitiveness of the mobile market, especially from Apple's main rivals Samsung.
Tim Cook, CEO of Apple, commented: “We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, software and services...We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
Last month, Apple signed a deal with China Mobile,which will allow it to offer iPhones to the networks 700 million subscribers.