'Record' tablet sales for Apple

Apple sold a "record" 22.9 million iPads during its last quarter but failed to meet analyst's expectations on sales of iPhones, leading to shares at the company tumbling on the stock markets.

The technology giant has reported an increase in iPad sales in the last three months to 22.9 million, up from 15.4 million in the same quarter last year. Sales of iPhones however missed analysts’ 50 million unit expectations, selling 47.8 million in the quarter.  

The news meant Apple's market value tumbled by $50bn, as shares collapsed 10% in after-hours trading.

Revenue growth was slower in Europe than in the Americas, with revenues up 11% in the quarter in comparison to 55% in the same period last year. The Americas, by contrast, saw sales growth of 15% to $20bn.

Apple’s c.e.o Tim Cook said: "We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter. We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."