Billions wiped off Apple shares amid fears its popularity has peaked

Apple sold 47.5m iPhones in the third quarter, up 35pc on the same period last year but short of analysts’ expectations of 48.8m

More than $66bn was wiped off the value of Apple on Tuesday night, after the iPhone maker’s results sparked fears the popularity of its gadgets had peaked.

The company failed to sell as many units of its iconic smartphone as analysts had hoped, while it also warned that revenues for the current quarter will be lower than Wall Street estimates.

Apple sold 47.5m iPhones in the third quarter, up 35pc on the same period last year but short of analysts’ expectations of 48.8m.

IPad sales fell 18pc to 10.9m, the sixth consecutive quarter of declines, while Apple sold 4.8m Macs, up 8.7pc.

The sales helped push revenues up 33pc to $49.6bn, while net profits hit $10.7bn.

However, the Californian company expects to see revenues of between $49bn and $51bn in its fourth quarter, shy of the $51.1bn forecast by analysts.

.

Despite chief executive Tim Cook hailing an “amazing quarter” in the three months to June 27, Apple saw sales in China drop 21pc to $13.23bn, compared with the second quarter.

Apple signed a multi-year deal with China Mobile, the world’s largest phone carrier, in April 2013, believing the Far Eastern country would develop into a key market.

However, China has been struggling in recent months as policymakers try to cool the economy.

Apple shares fell 8.8pc in after-hours trading, after closing down 1pc at $130.75.

Meanwhile, some of Apple’s leading services failed on Tuesday, leaving users unable to access the company’s music or app stores.

facebooktwittergoogle_plusredditpinterestlinkedintumblrmail

Leave a Reply

Your email address will not be published. Required fields are marked *