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The sales of Apple’s iPhone came in below expectations for the third quarter in row this week. Apple reported its first quarter revenue on Wednesday (Jan. 23) announcing the shipment of 47.8 million iPhones over the sales season ending in December. The number was up 29 percent from a year earlier, but below the 50 million projected by Wall Street analysts.

Shares of the tech company dropped 10 percent, getting rid of roughly $50 billion of its market value.

Apple boasted revenues of $54.5 billion, with earnings at $13.1 billion, slightly below the forecasted $54.7 billion. Sales of iPads were at 22.9 million, while iPods peaked with 12.7 million.

Even with growing doubt in the tech company’s revenue growth, Apple CEO Tim Cook was pleased with the figures. “We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” Cook said in a statement. “We’re very confident in our product pipelines as we continue to focus on innovation and making the best products in the world.”

Others viewed the figures as more proof that demand for Apple’s iPhone has decreased. “It’s going to call into question Apple’s dominance in the space,” noted analyst Sterne Agee. “It’s still one of the strong players, the others being Samsung and Google. It’s still a two-horse race, but Android continued to grow rapidly.

“If you step back a bit, it’s clearly they shipped a lot of phones. But the problem is the high expectations that investors  have.  Apple’s conservative guidance highlights the concerns over production cuts coming out of Asia recently.”

As previously reported,  Apple has cut production of its iPhone 5 model and is prepping the release of the forthcoming iPhone 5s.

Photo: Gizmodo