Record iPhone sales just aren't enough.
Apple on Monday reported record revenue for the fiscal first quarter as it sold more iPhones and iPads than ever. However, the company sold fewer iPhones than Wall Street analysts expected, and it also projected weak revenue for the current period.
That sent the company's stock down 5.7 percent to $519.09 in after-hours trading.
The Cupertino, Calif., electronics giant said it sold a record 51 million iPhones, but analysts had expected 55 million. Apple also sold a record 26 million iPads, better than analysts' estimates for 25 million, and Mac sales of 4.8 million topped the Street view for 4.6 million.
For its next quarter, which runs through March, Apple expects to generate $42 billion to $44 billion in sales, with a gross margin between 37 percent and 38 percent. The revenue is lower than the $46 billion Wall Street expected ahead of the report. Analysts also expected a gross margin of 37.3 percent.
