Apple's iPhone sales lag Wall Street expectations

Mon Jan 27, 2014 4:37pm EST

Jan 27 (Reuters) - Apple Inc sold fewer new iPhones than expected over the holidays, reflecting intense competition from arch-foe Samsung Electronics during the crucial period.

The company sold 51 million iPhones in the quarter, fewer than the 55 million or so expected by Wall Street analysts.

The company on Monday recorded sales of $57.6 billion in its fiscal first quarter, versus expectations for about $57.5 billion.