Apple has seen an eight per cent decline in its stock value after it achieved lower than expected sales figures coupled with a diminished revenue forecast for the quarter due to end in March 2014.
Apple broke its own records, selling 51 million iPhones last quarter, but this figure was around three million lower than analysts had expected over the holiday period.
The company achieved record sales of $57.6bn (£34.7bn) in the last quarter of 2013. However, net profit was recorded at $13.072bn, almost flat compared with last year's $13.078bn. This accounts for accusations the company is now in a 'no growth' state, which saw the stock value plummet.
International sales accounted for 63 per cent of the quarter's revenue, which explains the company's increased keenness to break into China.
As well as breaking the record for iPhone sales, the company also sold a record 26 million iPads in the quarter and 4.8 million Macs.
On paper, everything looks good for Apple, causing CEO Tim Cook to issue a statement saying, "We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services".
The iPhone sales over the holidays indicate that demand may be ebbing for new models of the high-end smartphone -- which is Apple's primary revenue source -- as competitors flood in with new offerings.
But cracking China still seems key to Apple's fortunes. The iPhone is now being sold in 16 Chinese cities, and Apple expects this to soon grow to 300. Apple CFO Peter Oppenheimer also revealed during the earnings call that 130,000 Chinese developers have now contributed iOS and Mac apps to Apple's App Store.
Meanwhile, the Chinese government recently announced that the country is launching its own phone operating system in the near future.
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