[By NBC-1TV H. J Yook]City Index UK: Apple announced its first quarter results after market close last night and roundly disappointed investors by missing market expectations.

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On Wednesday, January 23, Apple reported that it had sold 47.8mn iPhones in December which, despite being a record amount, missed analyst expectations of 50mn sales. Revenues for the first quarter grew by 18% to $54.5bn, also below expectations of $54.73bn though earnings per share (EPS) came in at $13.81, beating the street's view of $13.47.

Forward looking elements of the report also continued to send a shiver down the spines of some Apple shareholders. Q2 revenues were forecast to come in between $41bn and $43bn, missing forecasts of around $45bn and marking the third consecutive quarter of disappointing revenue forecasts.

Apple's shares endured some increased volatility on the back of these results in after market hours trading in the US, with shares falling by over 7% in the immediate aftermath of the results being published. In Germany this morning, Apple shares plunged 11%. This, having seen share prices fall 27% after hitting a high in US trading of $705 on 21 September 2012