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Apple 1st Quarter Results Fall Short Of Expectations; Stock Drops

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A man uses his phone as he walks past an Apple store in Hong Kong on December 25, 2013. (credit: ANTHONY WALLACE/AFP/Getty Images)

A man uses his phone as he walks past an Apple store in Hong Kong on December 25, 2013. (credit: ANTHONY WALLACE/AFP/Getty Images)

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CUPERTINO (AP) – Apple’s holiday season proved to be a disappointment even though the company sold a record number of iPhones and iPads during its latest quarter.

The fiscal first-quarter earnings released Monday topped analyst projections, but Apple sold fewer iPhones than Wall Street had been anticipating. Management also forecast revenue for the current quarter that fell below analysts’ predictions.

Apple’s stock fell 5 percent in extended trading.

The Cupertino company sold 51 million iPhones during the three months ending Dec. 28. Analysts had predicted sales of about 55 million iPhones.

Apple sold 26 million iPads in the quarter.

Apple Inc. earned $13.07 billion, or $14.50 per share, in the quarter. That’s roughly unchanged from $13.08 billion, or $13.81 per share, in the prior year.

Revenue rose 6 percent to $57.6 billion.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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