Apple iPhone Sales Top Estimates, Earnings Miss Mark

Apple iPad sales and forecast revenues missed analysts estimates driving shares down 2 percent in after-hours trading. The company sold 14 million iPads, 1.3 million fewer than predicted by analysts surveyed by Bloomberg, as customers held off on making a purchase before the company released the iPad mini. Apple's expected earnings of $11.75 a share on $52 billion in revenue for the fiscal first quarter fell short of analysts expected earnings of $15.43 a share on $55 billion in revenue, but profit in the current period came in just shy of projections. The iPhone sales, however, topped estimates with 26.9 million phones sold during the period. Apple shares slid in late afternoon trading after the earnings were released, ending the day down 1.2 percent and continuing to fall in after-hours trading once a temporarily trading halt was lifted. The release comes two days after Apple unveiled the iPad mini and ahead of the competitive holiday shopping season.

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