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Apple misses targets for second time since 2003

by Dylan Lobo on Jul 25, 2012 at 07:58

Apple misses targets for second time since 2003

Shares in Apple came under pressure after the tech giant missed its sales forecast for only the second time since 2003.

Apple told the market it had sold 26 million iPhones in its financial third quarter, which while impressive, fell below estimates of around 28 million sales. Overall sales rose by 23% to $35 billion, representing its slowest pace of growth since mid-2009.

The news overshadowed a forecast-beating record sale of 17 million iPads over the quarter.

The news comes just months after Apple paid a landmark dividend

Analysts warned there is little sign of things improving during the current quarter as consumers wait for the release of the firm's latest iPhone, scheduled for October.

Shares in Apple were down by as much as 6% at one point in overnight trading on Wall Street, before recovering ground to close the session 1% lower.

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