Wednesday January 23, 2013

Apple Revenue Falls Short Again, iPhone Sales Disappoint

It looks like Apple's stock is falling after the company missed revenue expectations for the third straight quarter.

The company said on Wednesday it shipped 47.8 million iPhones, a quarterly record that nonetheless disappointed many analysts accustomed to years of outperformance from the device that helped revolutionize the smartphone industry. Wall Street was predicting roughly 50 million shipments, on average. Sales of the iPad came in at 22.9 million in the fiscal first quarter, about in line with forecasts.