(REUTERS) — Apple Inc shares slumped nearly 7 percent in after-hours trading as its fourth-quarter revenue forecast fell short of estimates and it missed some targets for iPhone sales.
The shares dropped to $121 after the company released its results on Tuesday, from $130.75 at the close.
The forecast overshadowed Apple's strong sales in China, which more than doubled to $13.23 billion from a year earlier.
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Apple Chief Financial Officer Luca Maestri said in an interview the results in China were "spectacular" during the quarter and noted plans to open 40 stores there over the next 12 months.