UPDATE 1: Apple down 8.59% (5:40 PM EST)
UPDATE 2: Apple down 10.12% (5:45 PM EST)
Apple Inc missed revenue expectations for the third straight quarter after sales of its flagship iPhone came in below Wall Street’s targets, driving its shares down 6 percent.
The company said on Wednesday it shipped 47.8 million iPhones, a quarterly record that nonetheless disappointed many analysts accustomed to years of outperformance from the device that helped revolutionize the smartphone industry. Wall Street was predicting roughly 50 million shipments, on average.