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The world's largest technology company shipped 47.8 million iPhones, lower than the roughly 50 million that Wall Street analysts had predicted. Sales of the iPad came in at 22.9 million in the fiscal first quarter, about in line with forecasts.

Sources this month have pointed to production cutbacks at Apple's component suppliers as a sign that demand may be waning for the iPhone, which accounts for half of the company's sales, and the iPad.

The disappointing numbers come after Apple undershot revenue targets in the previous two quarters. The results will prompt more questions on what Apple has in its product pipeline, and what it can do to attract new sales and maintain its growth trajectory.

Apple said on Wednesday its fiscal first quarter revenue rose to $54.5 billion, below the average analyst estimate of $54.73 billion, according to Thomson Reuters I/B/E/S.

For the fiscal first quarter it posted net income of $13.07 billion, or $13.81 a diluted share, compared to $13.06 billion, or $13.87 a share, a year earlier.

(Reporting By Poornima Gupta; Editing by Bernard Orr)