Apple sold a record 47.8m iPhones and 22.9 million iPads in Q1 of 2013 but still missed analysts' targets causing a fall in the Apple share price

Apple announced record quarterly sales of iPhones and iPads for Q1 2013 of its fiscal year - but still missed many analysts' sales and revenue expectations, causing a drop in the Apple share price.

A record 47.8m iPhones, up from 37m in Q1 2012, fell short of targets, with many experts having predicted Apple would hit 50 million iPhone sales thanks to the release of the iPhone 5.

The company also shipped a record 22.9m iPads, up on 15.4m Q1 2012, buoyed no doubt by the release of the  iPad Mini

Apple's financial results also revealed 12.7m iPod sales, down on the 15.4m sold in Q1 2012, as smartphones continued to replace dedicated portable music players.

Apple's share price, which had already dropped 30% since September 2012, dropped a further 10% in after-hours trading after the announcement, which was made by Apple CEO Tim Cook.

Analysts are speculating as to whether Apple can continue to grow at such a rapid rate as Android rivals, such as Samsung's flagship  Galaxy S3 and the Google Nexus 4, increase their market share.

Sales figures released for the US this week showed LG had taken 2nd spot from Apple, with Samsung out in front.

Nevertheless, Apple posted record quarterly revenue of $54.5 billion and a quarterly net profit of $13.1 billion. Average weekly revenue was $4.2 billion in Q1 2013 compared to $3.3bn in Q1 2012.

Tim Cook said: "We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter. 

"We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."

Follow whathifi.com on Twitter.

Join us on Facebook.

More after the break