Computer and smartphone maker Apple has missed market forecasts with its first-quarter results, despite racking up sales of $54.5 billion (£34.4bn).
The figures fell short of analysts’ forecasts of $55bn, sending shares in the group behind the iPad and iPhone down as much as 10 per cent, wiping some $50bn off its market value.
Earnings of $13.1bn remained flat compared to the year before, marking the first time in years that the tech giant had not boasted double-digit increases in earnings.
It came as Apple has become increasingly beleaguered amid speculation that demand for its flagship iPhone handset is shrinking in the face of stiff competition.
Announced after the closing bell went at the Nasdaq blue-chip stock market, the numbers showed that Apple had shifted 47.8 million iPhones throughout the quarter.
The company’s share price last week slipped below $500 for the first time in 11 months as investors reacted to reports that smartphones running Google’s Android software have overtaken the iPhone 5.
Meanwhile, rival electronics firm Samsung recently reported that global sales of its Galaxy S smartphone series had passed 100 million since the first model was launched less than three years ago.
Despite the 18 per cent rise in revenue, the market’s negative reaction to the figures continued to pile pressure on Apple chief executive Tim Cook, who took over after co-founder Steve Jobs died of pancreatic cancer in October 2011.
However, Cook remained upbeat and said: “We are thrilled with record revenue of over $54bn and sales of over 75 million iOS devices in a single quarter.
“We are very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”