Apple sees all-time high iPhone sales but Wall Street unsatisfied

APPLE posted record profits last night, as sales of the iPhone 5 and iPad mini in the months since their releases drove it to new heights.

However, the company’s performance disappointed Wall Street, sending Apple shares down more than 10 per cent in after hours trading as it warned of lower revenue growth in the coming months.

Apple’s highly anticipated results for its crucial first quarter, which covers October, November and December, revealed sales of $54.5bn (£34.4bn), an 18 per cent increase on the previous year.

Profits, which had been expected to fall due to lower product margins, rose marginally to $13.1bn. This was despite the quarter spanning 13 weeks, compared to 14 weeks last year.

Apple sold a record 47.8m iPhones and 22.9m iPad, and this would have been higher if it had managed to keep up with demand.

The company’s profit margins were hit, however, due to the relatively low price of the iPad mini and the higher production costs associated with the iPhone 5.

“We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world,” chief executive Tim Cook said.