Apple shares fall after reporting flat earnings

Shares in tech giant Apple fell 5% in after-hours trading after the firm reported flat profits of $13.1bn (£7.9bn) during the October to January quarter.

While the earnings beat expectations, the firm lowered it sales outlook for 2014, worrying investors.

Apple said it sold a record 51 million iPhones and 26 million iPads.

“We are really happy with our record iPhone and iPad sales,” said Apple boss Tim Cook in a statement.

Crucially for analysts, the firm said revenue rose by 29% in the greater China region, which includes China, Taiwan, and Hong Kong, compared to the same period last year.

Apple announced a deal with the world’s biggest mobile phone network, China Mobile, in December, and many investors had been closely watching the earnings for hints on the company’s performance in the region.

However, sales in the rest of the Asia-Pacific region fell 9%, and the firm also reported a sales dip in the Americas as well.

Apple said it expected revenue of between $42bn and $44bn for 2014, slightly less than had been expected.

A conference call to discuss the earnings is expected to start shortly.

 

 

 

Source : BBC NEWS

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