Apple disappoints with sales guidance

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.