NEW YORK (AP) — Apple's profit surge halted in the latest quarter, as a flood of new products like the iPhone 5 meant high start-up costs for new production lines.
The report also made clear that Apple is no longer able to sustain the breakneck sales increases of the last three years, even with a fresh iPhone on store shelves. Apple shares fell $31.70, or 6.2 percent, to $482.31, in extended trading, after the release of the results.
Net income in the fiscal first quarter was $13.1 billion, or $13.81 per share. That still beat expectations, as analysts polled by FactSet had forecast earnings of $13.48 per share.
Revenue was $54.5 billion, up 18 percent from a year ago. Analysts were expecting $55 billion.