Apple, the world’s most valuable company, announced its results for its final quarter of the year to the end of September in California last night and confirmed it had met market expectations on most measures during the period.

Sales of smartphones were as expected at 45.5m handsets; revenues were down at just under $47bn as expected and earnings per share were $1.67, broadly as expected.

Google Finance

But Apple shares fell by nearly 3% to just under $115 in after hours trading last night for two principal reasons – one a feeling that it might have done better than expected because of Samsung’s difficulties. Secondly, because a key measure – the gross profit margin it will make on each phone sold over the critical holiday period in November and December - will be slightly lower than the market had anticipated.

Apple’s share price had risen by more than 22% over the past three months.

45.5 million devices were bought in the year to the end of September. Mac, Apple Watch, and iPad sales all fell.

Annual revenue at Apple has also gone down for the first time since 2001, the year when the iPod was launched.

The company sought to allay investor concerns by highlighting growth across is services including Apple Music, iCloud, and its app store.