Business

Apple iPhone sales trail estimates for crucial holiday quarter

Increased competition in the tablet and smartphone markets is reducing demand for iPads and iPhones, analysts say, putting pressure on Apple to introduce new products.
Increased competition in the tablet and smartphone markets is reducing demand for iPads and iPhones, analysts say, putting pressure on Apple to introduce new products.Mark Lennihan/Associated Press/File 2013

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Apple reported quarterly iPhone sales that trailed analysts’ estimates, even after debuting new models for the holiday shopping season.

Profit was $13.1 billion, or $14.50 a share, for the quarter ended Dec. 28, little changed from $13.1 billion, or $13.81 a share, a year earlier, Apple said Monday.

Sales rose 5.7 percent to $57.6 billion.

Analysts had predicted profit of $14.07 a share on sales of $57.5 billion, according to the average of estimates compiled by Bloomberg.

The holiday results indicate that demand may be ebbing for new iPhone models — Apple’s primary source of revenue — as competitors crowd in with new smartphone and tablet offerings.

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