Apple confirmed investors’ worst fears last night when the group admitted that its landmark iPhone had fallen well short of initial sales forecasts. although the company made partial amends by reporting a 73 per cent jump in third-quarter profits.

The Macintosh and iPod music device maker reported net income of $818 million (£398 million) for the period as strong computer sales pushed group revenues up by 24 per cent to $5.14 billion.

But Apple also reported that it had sold just 270,000 iPhones and product accessories, such as headphones and carrying cases, in its first two days on sale, which were the last two days of its third quarter.

The initial iPhone sales were well below the 500,000 to 700,000 range that some analysts had forecast, while Apple’s decision to lump the device’s sales in with its accessories appeared to be an attempt to mask an even bigger shortfall in demand.

iPhone’s poor initial sales figures confirmed fears raised by AT&T, the device’s exclusive carrier, on Tuesday that initial demand had not met expectations. AT&T said it had only activated 146,000 iPhones its first day and a half on sale, sending Apple’s shares down by 6 per cent that day.

Investors had hoped that AT&T’s figures did not tell the whole story since they related to the number of phones activated rather than the number sold.

But yesterday’s disclosure, made after the New York Stock Exchange had closed, confirmed that investor fears had not been misplaced.

The shares fell by 84 cents to $136.42 last night, in after-hours trading following the announcement.

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