Apple Earnings Disappoint

iPhone sales fell short of predictions, driving share prices down after hours

Apple missed analysts' iPhone sales forecasts in its key holiday shopping period, pushing shares 5% lower in after-hours.

For its seasonal high, Apple reported a first-quarter profit of $13 billion , or $13.81 per share, on $54.5 billion in sales. That compares with a profit of $13 billion, or $13.87 per share, on sales of $46.3 billion a year ago.