Apple Results Confirm Fears

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Apple stock slid more than 10 percent in after hours trading Wednesday - in large part because revenue for its first quarter fell short of estimates- for the third straight quarter. iPhone sales set a new record at 47.8 million- significantly higher than the close to 37 million sold in the year ago quarter- but still short of estimates. iPad sales came in at 22.9 million compared to 15.4 million in the year ago quarter.