Apple shares are down more than four per cent before US markets open after reporting record revenue (again), but a slowdown in smartphone sales.
Fears of a slowdown in the tech titan's business have sparked concern among investors.
“With the Street widely expecting a softer March guide, we would characterise a 50 million-plus iPhone unit bogey as ‘better than feared,’ although this was nothing to write home about,” FBR analyst Daniel Ives told MarketWatch.
Read more: Have we reached peak Apple?
BTIG analyst Walter Piecyk cut guidance targets for earnings per share and iPhone sales, the latter of which it expects to return in September, when the next model iPhone 7 is expected, or earlier if a rumoured iPhone 5se comes before that.
"We were wrong to assume that the ability of customers to upgrade early would drive greater volumes, but we now turn our eyes forward to the next iPhone launch, which we believe can return back to iPhone unit and company-wide revenue growth," he said in a note.
Here's what Apple's latest revenue figures look like:
And iPhone sales:
Year-on-year sales inched up a mere 0.4 per cent at 74.78m this quarter.
And here's how other products did.