Apple shares tumble as sales lose their lustre

Fears that Apple’s dramatic growth could finally be easing intensified on Wednesday night after the US technology giant’s sales failed to meet expectations, threatening to knock more than $40bn (£25bn) off its market value.

Although the profits of $13.1bn for the final three months of the year set a fresh record for the company, they were only just better than the $13.1bn Apple made in the last quarter of 2011.

The results did little to improve sentiment towards the once high-flying shares. Apple has lost almost a third of its market value since September, as it faces increased competition from the likes of Samsung and concerns grow over whether Apple products will still dazzle consumers.