Apple shares slump 7% as iPhone sales disappoint

Shares in Apple, the world's largest company by market capitalisation, moved almost 7% lower in after-hours trading after quarterly results disappointed.

The firm’s share price dropped 6.85% to $121.8, the lowest level since February, after it reported 47.5m iPhone sales in the three months to 30 June - 1.5m less than analysts had forecast. The drop came despite revenues rising by a third to $49.6bn, ahead of estimates, and a doubling of sales in China. Net income for the company as a whole rose 39% to $10.7bn. Chief executive Tim Cook said sales of the Apple Watch “exceeded expectations”, but declined to disclose specific sales figures. The tech company’s shares had risen 38.5% over the year to 20 July, prior to the after-hours fal...