Apple disappoints with sales guidance

Technology giant Apple has unveiled record sales for the final three months of 2013, but analysts were left underwhelmed by its forecasts for the current quarter.

The California-based firm posted revenues of $57.6 billion (£34.7bn) for its first quarter, in line with Wall Street forecasts, but its projections for the current quarter fell short.

Apple expects to generate sales of between $42bn and $44bn for the three months to March, higher than normal because of a deal to sell iPhones through China’s largest mobile network, but analysts had been looking for about $46bn.

The group sold 51 million iPhones in the first quarter – a new high for the company, but short of the 55 million analysts had predicted – while iPad sales also set a new record of 26 million.

Apple’s shares fell $44.50, or 8 per cent, to $506 in extended trading.