Apple revenue misses again, iPhone disappoints
Apple Inc missed Wall Street's revenue forecast for the third straight quarter as iPhone sales came in below expectations, fuelling investors' worries that its dominance of the mobile industry was slipping.
Shares of the world's largest tech company fell 10 percent to $463 (292 pounds) after-hours, wiping out some $50 billion of its market value from its $514 close.
On Wednesday, Apple said it shipped a record 47.8 million iPhones in the December quarter, up 29 percent from the year-ago period but below the 50 million shipments that analysts on average had expected. "It's going to call into question Apple's dominance in the space. It's still one of the strong players, the others being Samsung and Google. It's still a two-horse race, but Android continues to grow rapidly," said Sterne Agee analyst Shaw Wu.
