Apple Shares Plunge Over 10% in After Hours Trading

Apple (AAPL) shares have plunged over 10% in after hours trading. Reuters reports that iPhone sales came in below expectations. Analysts expected 50 million iPhone sales for the quarter (Apple's fiscal first quarter) and the company sold 47.8 million. Revenues came in at $54.5 billion, which is huge, but under analysts averaged expectations of $54.73 billion.

Barron's reports that shares of Apple were halted temporarily, but trading is currently underway in the after hours session.

Apple also moved 22.9 million iPads in its fiscal first quarter. It is not clear how many of them were the new iPad mini.

Posted on January 23, 2013

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