Apple misses revenue expectations after disappointing iPhone sales

London, Jan. 24 (ANI): Computing giant Apple has reported flat profits and record revenues that still fell short of market expectations.

Net profit came in at 13.1bn dollars, unchanged from a year earlier due in part to higher costs associated with new product launches. Revenue was up 18 percent at 54.5bn dollars, thanks to record sales of iPhones and iPads, the company said.

But Apple shares fell in after-hours trading, as sales of the iPhone in particular disappointed. Shares in the firm have fallen almost 30 percent since September over concerns the company may be losing its edge over increasingly confident competitors, reports the BBC.

The company's products are facing a growing challenge from Samsung and other makers of Android-based devices.

Some analysts have said Apple is not competitive on price in key emerging markets where many cannot afford their products and other firms sell smartphones at much lower prices.

Rival Samsung is also a supplier to Apple. Its shares fell 1.7 percent on the news of the disappointing iPhone sales.

LG, which provides displays for Apple products, fell 3.1 percent, and Hon Hai, which assembles iPhones and iPads, dropped 3.2 percent.

Many analysts had expected iPhone sales, following the release of the iPhone 5 in September, to break the 50 million mark.

Analyst Jeff Sica at Sica Wealth Management said Apple was suffering from a "curse of high expectations". (ANI)