Apple’s record revenues fall short of expectations

<p>Apple’s share price rose before close of play last night, but its revenues failed to meet expectations.</p>

Apple has posted record revenues that still fell short of market expectations, sending the company's share price higher in New York last night (January 23rd).

The technology giant's profits were flat at $13.1 billion (£8.7 billion) – which is the same as last year due to the higher costs relating to new product launches – while revenues rose by 18 per cent to $54.5 billion.

This is thanks to record demand for iPads and iPhones, but while 47.6 million units of the iconic smartphone were sold in the final quarter of 2012, many analysts had posted predictions of 50 million.

Chief executive Tim Cook stated: "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."

At close of play on Wall Street yesterday, Apple shares rallied by 1.8 per cent to $514.01 per unit, climbing out of the dip experienced early last week.

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