Flat profits and slowing sales see Apple shares slide

Apple shares have taken a hit after the global tech giant reported flat profits and disappointing sales in the Asia-Pacific region as a result of a weak Japanese yen.

Apple’s share price fell by almost 9 per cent in after-hours trading following a mixed review of the firm’s progress during the October to January quarter.

Earnings on the one hand did beat expectations, according to a statement issued by Apple, but profits were flat at $13.1bn (£7.9bn) while the sales outlook for 2014 was also lowered.

Sales of Apple’s key iPhone and iPad products also hit record quarterly highs.

Apple now expects to generate slightly less revenues than previously forecast, of between $42bn (£25.3bn) and $44bn (£26.5bn) for 2014.

Revenues in some emerging market economies were up, rising 29 per cent from the year previous across China, Hong Kong, and Taiwan.

However elsewhere in the Asia-Pacific region sales dropped 9 per cent with profits hurt in particular by a weak yen while US sales also suffered.