Apple gives weak forecast, shares fall more than 6 percent

What to Watch in the Week Ahead: Apple Earnings, Housing Data

Apple Inc. forecast fourth-quarter revenue below estimates and missed some targets for iPhone sales, sending its shares down more than 6 percent in after-hours trading.

Apple said on Tuesday it sold 47.5 million iPhones in the third quarter, up 35 percent from a year ago. But some analysts had expected around 49 million.

The company forecast revenue of $49 billion to $51 billion, missing analysts' average estimate of $51.13 billion according to Thomson Reuters I/B/E/S.

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Apple gives weak forecast, shares fall more than 6 percent
LOS ANGELES, CA - APRIL 24: Daniel Miller shows his new Apple Watch outside the Maxfield in LA store on April 24, 2015 in Los Angeles, California. The upscale fashion boutique is one of the only five places where the Apple Watch is being made available to customers today. Other boutiques releasing the Apple Watch today are in Paris, London, Tokyo and Berlin. (Photo by David McNew/Getty Images)
LONDON, ENGLAND - APRIL 24: Christian Langvatn who travelled from Norway is one of the first customers to purchase an Apple Iwatch from Dover St Market on April 24, 2015 in London City. (Photo by Ben A. Pruchnie/Getty Images)
New Apple Watches on display at the Apple Grand Central Station store on April 24, 2015 in New York. The Apple Watch debuted in selected global markets Friday with sales limited to clients who had pre-ordered online, making the launch a relatively low-key affair compared to tech titan's usual fanfare. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)
A new Apple Watch on display at the Apple Grand Central Station store on April 24, 2015 in New York. The Apple Watch debuted in selected global markets Friday with sales limited to clients who had pre-ordered online, making the launch a relatively low-key affair compared to tech titan's usual fanfare. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)
MILAN, ITALY - APRIL 17: General view during Apple Debuts New Watch In Milan on April 17, 2015 in Milan, Italy. (Photo by Jacopo Raule/Getty Images)
PALO ALTO, CA - APRIL 10: An Apple Watch with stainless steel link bracelet is seen at an Apple Store on April 10, 2015 in Palo Alto, California. The pre-orders of the highly-anticipated wearable from the tech giant begin today as the watches arrive at stores for customers to preview. (Photo by Stephen Lam/Getty Images)
The Apple watch Edition, made of 18-karat gold, is displayed in Washington,DC on April 10, 2015. The Apple watch is being presented in stores today and will be available on April 24. AFP PHOTO/NICHOLAS KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
NEW YORK, NY - APRIL 10: The new Apple Watch is viewed at an Apple store in Manhattan on April 10, 2015 in New York, New York. Consumers around the world were able to try on the long awaited smartwatch on Friday and to place orders. On April 24, consumers will be able to buy it online or by appointment in select stores. The Apple Watch sport starts at $349 with the standard version retailing at $549 in the U.S. Luxury 'Edition' watches with 18-karat gold alloys will be priced from $10,000 and will go as high as $17,000. (Photo by Spencer Platt/Getty Images)
PALO ALTO, CA - APRIL 10: Apple CEO Tim Cook holds an Apple Watch at an Apple Store on April 10, 2015 in Palo Alto, California. The pre-orders of the highly-anticipated wearable from the tech giant begin today as the watches arrive at stores for customers to preview. (Photo by Stephen Lam/Getty Images)
A customer tries on an Apple watch in Washington,DC on April 10, 2015. The Apple watch is being presented in stores today and will be available on April 24. AFP PHOTO/NICHOLAS KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
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The world's largest publicly traded company by market value said it sold 47.5 million iPhones in the third quarter, up 35 percent from a year ago, but down 22 percent from 61.2 million in the second quarter.

The company's iPhone 6 and 6 Plus, which shattered iPhone sales records when they were launched, are already 10 months old.

Sales in China more than doubled to $13.23 billion from a year earlier, the company said.

Apple shares fell more than 6 percent in extended trading, after closing nearly 1 percent lower at $130.75 on Nasdaq.

Apple Inc. - Earnings Surprise | FindTheCompany

Apple had a troubled day, with its App Store, Apple Music, iTunes Store and some other services suffering disruption for more than three hours before results were released.

The company said net income rose to $10.68 billion, or $1.85 per share, from $7.75 billion, or $1.28 per share, a year earlier.

Analysts had expected earnings of $1.81 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 32.5 percent to $49.61 billion from a year earlier, beating Wall Street's expectations of $49.43 billion.

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Apple gives weak forecast, shares fall more than 6 percent
SAN FRANCISCO, CA - MARCH 9: Apple CEO Tim Cook gestures on stage during an Apple special event at the Yerba Buena Center for the Arts on March 9, 2015 in San Francisco, California. Apple Inc. announced the new MacBook as well as more details on the much anticipated Apple Watch, the tech giant's entry into the rapidly growing wearable technology segment as well (Photo by Stephen Lam/Getty Images)
SAN FRANCISCO, CA - MARCH 9: Apple CEO Tim Cook stands in front of an MacBook on display after an Apple special event at the Yerba Buena Center for the Arts on March 9, 2015 in San Francisco, California. Apple Inc. announced the new MacBook as well as more details on the much anticipated Apple Watch, the tech giant's entry into the rapidly growing wearable technology segment as well (Photo by Stephen Lam/Getty Images)
SAN FRANCISCO, CA - MARCH 9: Apple CEO Tim Cook waves from stage after an Apple special event at the Yerba Buena Center for the Arts on March 9, 2015 in San Francisco, California. Apple Inc. announced the new MacBook as well as more details on the much anticipated Apple Watch, the tech giant's entry into the rapidly growing wearable technology segment as well (Photo by Stephen Lam/Getty Images)
Tim Cook, chief executive officer of Apple Inc., right, waves to customers while leaving the sales launch for the iPhone 6 and iPhone 6 Plus at the Apple Inc. store in Palo Alto, California, U.S., on Friday, Sept. 19, 2014. Apple Inc.'s stores attracted long lines of shoppers for the debut of the latest iPhones, indicating healthy demand for the bigger-screen smartphones. The larger iPhone 6 Plus is already selling out at some stores across the U.S. Photographer: David Paul Morris/Bloomberg via Getty Images
Tim Cook, chief executive officer of Apple Inc., left, and the band U2 gesture during a product announcement at Flint Center in Cupertino, California, U.S., on Tuesday, Sept. 9, 2014. Apple Inc. unveiled redesigned iPhones with bigger screens, overhauling its top-selling product in an event that gives the clearest sign yet of the company's product direction under Cook. Photographer: David Paul Morris/Bloomberg via Getty Images
CUPERTINO, CA - OCTOBER 16: Apple CEO Tim Cook speaks during an Apple special event on October 16, 2014 in Cupertino, California. Apple unveiled the new iPad Air 2 tablet, iPad Mini 3 and a Retina iMac. (Photo by Justin Sullivan/Getty Images)
SAN FRANCISCO, CA - JUNE 02: Apple CEO Tim Cook walks off stage after speaking during the Apple Worldwide Developers Conference at the Moscone West center on June 2, 2014 in San Francisco, California. Tim Cook kicked off the annual WWDC which is typically a showcase for upcoming updates to Apple hardware and software. The conference runs through June 6. (Photo by Justin Sullivan/Getty Images)
BEIJING, CHINA - JANUARY 17: (CHINA OUT) Tim Cook, Chief Executive Officer of Apple Inc., visits a China Mobile shop to celebrate the launch of iPhone 5S and iPhone 5C on China Mobile's fourth generation (4G) network on January 17, 2014 in Beijing, China. Apple Inc. and China Mobile Limited, the world's largest carrier with over 760 million subscribers, signed a deal on December 23, 2013 after six years of negotiations. (Photo by ChinaFotoPress/ChinaFotoPress via Getty Images)
Tim Cook, chief executive officer of Apple Inc., displays the iPad Air for a photograph during a press event at the Yerba Buena Center in San Francisco, California, U.S., on Tuesday, Oct. 22, 2013. Apple Inc. introduced new iPads in time for holiday shoppers, as it battles to stay ahead of rivals in the increasingly crowded market for tablet computers. Photographer: Noah Berger/Bloomberg via Getty Images
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