Apple stock slumps due to weak iPhone sales

Apple's stock value has dropped after the company released a disappointing earnings report Tuesday, said The Washington Post.

Stock value dropped almost 5 percent following the release of the earnings report between Tuesday afternoon and Wednesday morning, said The New York Times.

Despite selling 28 percent more iPhones during last quarter than it did a year prior, Apple sold $4 million less in iPhones than expected, said The Washington Post.

Apple also sold a record-breaking 17 million iPads last quarter, yet fell $3 million short of their expected earnings in general revenue, said The Washington Post.

Analysts blame the upcoming version of the iPhone, expected to be released this fall, for the lagging sales, said The New York Times.

It is believed that consumers are holding out on buying the iPhone 4S and waiting for the new model, drastically reducing sales figures for Apple, said The New York Times.

Apple CEO Timothy Cook said, "I'm glad people want the next thing. I'm not going to put any energy into trying to get people to stop speculating," said The New York Times.