Apple shares slipped 10 percent following release of the iPhone-maker’s latest financial results last night – wiping some $50 billion off the company’s value.

Investors appeared spooked as the firm missed sky-high sales targets and admitted that it had misjudged demand in the key holiday quarter.

In the 13-week quarter ending 29 December, Apple reported record quarterly revenue of $54.5 billion, up 18 percent year-on-year but just shy of the $54.73 billion forecast in a Reuters poll of analysts. Net income came in at $13.07 billion – also a record – but still virtually flat on the $13.06 billion posted a year ago.

The firm sold a record 47.8 million iPhones, up from 37 million a year ago, but this too disappointed those forecasting the firm would top 50 million smartphones sales for the first time. The device generated $30.7 billion in the period, accounting for well over half of Apple’s total revenue.

There were also record iPad sales (22.9 million), but sales of Macs fell to 4.1 million from 5.2 million, and iPod shipments fell from 15.4 million to 12.7 million.

On a call with investors, CEO Tim Cook admitted that iPhone 5 sales “were very constrained for much of the quarter,” while the earlier iPhone 4 was “in constraint for the entire quarter.”

Speaking on the eve of the 30-year anniversary of the launch of the first Mac, Cook said the firm wasn’t “interested in revenue for revenues sake.” But he appeared to quash recent rumours that the firm is planning to scale back component production in Asia.

Apple set a “conservative” guidance of current quarter revenue in the $41 billion to $43 billion mark.

Its share price dropped to about $463 in after-hours trading last night. It has declined by about 30 percent since reaching an all-time high of $705 last September.