Apple, the most valuable public company, missed Wall Street forecasts with its third-quarter revenues and earnings as fans held out for the next iPhone.
The California-based company sold 26m iPhones in the three months to June 30, up 28 per cent on the same period a year ago and topping the company’s own guidance. But the figures marked a slowdown in the rate of growth over recent quarters, sending its shares below $600 in after-hours trading.
By missing analysts’ estimates, Apple has raised the stakes for its next iPhone – and the rumoured smaller iPad or new TV that many expect to be released this year – as it faces a growing competitive and legal challenge from Samsung.
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