Aapl Drops 10 Percent In After Hour Trading To Near Year Low On Earnings Miss And Projections Updated

Apple’s Q1 2013 earnings report just sent the stock sliding 5 percent, or roughly 30 points, to a near year-low.

Wall Street analysts estimated Apple sold between 47.5 million and 53 million iPhones in Q1 2013, compared to 37 million in the year-ago quarter, while iPad sales likely landed between 23 million and 25 million. However, Apple just reported 47.8 million in iPhone sales for the first quarter. That number hit the low-end of projections, but iPad sales fell below analyst expectations at 22.9 million.

Apple’s iPhone and iPad sales helped post a revenue of $54.5 billion, slightly below the $54.7 billion Wall Street expected, according to Philip Elmer-Dewitt’s quarterly list of analyst predictions, but above the $52 billion Apple forecasted in October.

Update: Apple is down 10 percent, or roughy 50 points, during its Q1 2013 earnings call.