$7 billion wiped off Apple's value as iPhone fails to deliver on analyst's predictions. Shares in Apple fell more than six per cent yesterday after AT&T revealed that iPhone sales were far lower than analysts had predicted.

The teleco revealed that it had seen 146,000 subscriptions during its first two days on sale – down a massive 354,000 on many predictions, which estimated sales of 500,000 during its first weekend. The news saw shares fall $8.81 (£4.29) wiping $7 billion (£3.4 billion) off Apple's market capitisation.

Optimism over the iPhone had pushed Apple shares to $143.75 (£70), helped in part by analysts over-optimistic predictions. Shares closed at down at $134.89 (£65.75).

The story continues on PC Retail

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