Apple Sells 51 Million iPhones in Q1, Stock Drops 5%

It really was an iPad Christmas, but perhaps not as much of an iPhone fall as some had hoped.

Apple sold 51 million iPhones in the first quarter, the first time it has surpassed 50 million iPhones sold in a single quarter, but less than analysts had expected. By comparison, Apple sold 47.8 million iPhones in the same quarter a year earlier.

Apple CEO Tim Cook had predicted in October that it would be "an iPad Christmas," and it appears he was right. Apple reported selling 26 million iPads, up from 22.9 million the same quarter a year earlier

Analysts had expected Apple to sell around 55 million iPhones for the December quarter, fueled by the launch in late September of the iPhone 5C and iPhone 5S, and 25 million iPads, thanks to the introduction of the iPad Air and Retina iPad Mini in October. Read more...