Apple IPhone Shipments, Revenue Forecast Miss Estimates

Apple Inc.’s iPhone shipments for the fiscal third quarter and the company’s revenue forecast for the current period missed analysts’ projections, raising questions over whether demand for the device has peaked. Shares fell as much as 8.8 percent in extended trading.

Apple sold 47.5 million iPhones, a 35 percent gain, in the period that ended in June, the company said in a statement Tuesday. Analysts had anticipated 48.8 million shipments. The company forecast revenue of $49 billion to $51 billion in its fiscal fourth quarter, which ends in September, short of the average estimate for $51.1 billion, according to data compiled by Bloomberg.