Looks like Apple’s (NASDAQ: AAPL) downward spiral will continue.
The company’s fiscal first-quarter earnings fell just short of Wall Street estimates thanks largely to slower-than-expected sales of the iPhone 5 it released in late September.
The disappointing news is driving Apple shares down 6.3% in after-hours trading.
Here are some of the relevant numbers from Apple’s latest set of earnings:
- Earnings per share of $13.81 surpassed Wall Street estimates of $13.7 per share. However, its $54 billion in quarterly revenue – a new record – was shy of the $54.9 billion analysts were looking for.
- The company sold 47.8 million iPhones – a tad short of the 48 million that was expected.
- iPod sales surpassed analyst estimates; Mac sales fell short.
- The company sold 22.9 million iPads, ahead of the 22.4 million units that were projected.
- Current-quarter forecasts of $41-$43 billion in sales is short of the $45.5 billion analysts were expecting. This may be as responsible for the stock’s decline as the so-so iPhone sales.
- On the bright side, iPhone sales more than doubled in China despite the fact that the iPhone 5 didn’t launch there until December.
At $481 a share (and falling), Apple has now fallen 315 since late September. This is the lowest the stock price has been since last February.