Apple posts record iPhone and iPad figures but misses sales targets

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."

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Joe Cox
Content Director

Joe is the Content Director for What Hi-Fi? and Future’s Product Testing, having previously been the Global Editor-in-Chief of What Hi-Fi?. He has worked on What Hi-Fi? across the print magazine and website for almost 20 years, writing news, reviews and features on everything from turntables to TVs, headphones to hi-fi separates. He has covered product launch events across the world, from Apple to Technics, Sony and Samsung; reported from CES, the Bristol Show, and Munich High End for many years; and written for sites such as the BBC, Stuff, and the Guardian. In his spare time, he enjoys expanding his vinyl collection and cycling (not at the same time).