Apple shares fall due to weak forecasts

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Apple shares fall due to weak forecasts

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There’s been a mixed response from the markets to technology giant Apple’s third quarter results.

The company said on Tuesday it had sold 47.5 million iPhones, that’s up 35 percent on last year. And profits rose by 38 percent to $10.7bn ( that’s 9.7 bn euros)

But even though sales are soaring due to spectacular results in China some analysts had been expecting around 49 million.

Together with disappointment about the company’s revenue forecasts for the fourth quarter , it meant shares fell 6.7 percent in after-market trading in New York.

Analysts say the results highlight the vulnerability of Apple’s dependence on the iPhone and the Chinese market.

However, satisfaction was expressed with initial sales of the company’s first piece of wearable technology the Apple Watch.