Apple goes pear-shaped as 13 years of growth ends

A growing preference among consumers for lower-priced iPhones contributed to a significant shortfall for Apple in its latest quarterly earnings, compared with Wall Street expectations, according to figures released yesterday.

The US tech company reported revenues of $50.6bn and earnings of $1.90 a share, compared to the $52bn (€46bn) and $2 a share most analysts had expected.

Net income fell 22% to $10.5bn, or $1.90 a share.