Apple Q4 results disappoint
Earnings fall below analysts estimates for first time since 2008
Lower than expected iPhone sales have seen Apple's fourth quarter earnings fall below analysts expectations for the first time in years, according to Reuters.
Apple is blaming rumors of the new iPhone for hurting demand in the September quarter.
Shares of Apple fell 7% in extended trading on Tuesday, wiping some $27 billion off the value of the technology company.
The Q4 results were the first to be announced since the death of co-founder Steve Jobs earlier this month and the first under new CEO, Tim Cook.
Apple is currently embroiled in a series of court battles across the globe with competitors such as Google, Samsung and Amazon.
Apple revealed that it had sold 17.07 million iPhones in its fiscal fourth quarter ended 24th September, this figure was short of the 20 million predicted to sell in this period by analysts.
Apple's iPhone yields approximately 40% of its annual sales.
Apple missed its quarterly revenue estimates for the first time since Q4 2008 with Q4 revenue rising 39% to $28.27 billion, lower than the average analyst estimate of $29.69 bn, according to Thomson Reuters.
Apple's net profit for the period was $6.62 billion, or $7.05 a share, just shy of expectations for earnings of $7.39 per share.
Apple said that customers postponed their purchases of Apple iPhones until the holiday quarter because of speculation that a new phone was on the way.
Apple unveiled the iPhone 4S in early October, and it hit stores last Friday.
Apple has predicted that its December quarter revenue and earnings will be above Wall Street's estimates. Apple usually remains conservative with their forecasts.
Apple shares fell to $394.78 in after-hours trading, after closing at $422.24 on the Nasdaq.