London: Shares in the technology giant Apple fell up to four percent in after-hours trading in New York as iPad sales fell well short of Wall Street targets.
A drop in iPad sales in the fourth quarter left profits at 8.22 billion dollars, trailing the 8.3 billion dollars that analysts had forecast.
According to the Telegraph, while sales of iPad, Apple's newest product, missed forecasts, iPhone sales beat them.
Apple's chief executive Tim Cook said that iPad sales dipped in the quarter as consumers put off purchases until this week's launch of a smaller and cheaper version of the device.
Apple sold 14 million iPads in the quarter, down from the 17 million they sold in the third, and below the 15.3m shareholders were expecting, the paper said.
According to the paper, Cook admitted that ‘we are in a significant state of backlog.’
He, however, added that “our production has improved significantly from earlier this month. It's difficult to predict when supply and demand will balance.”