Tech giant Apple has reported first-quarter revenues that fall below market expectations.

Apple says its first quarter takings rose to 54.5 billion dollars, below the average analyst estimate of 54.7 billion dollars. Sales of its flagship iPhone came in below target, sending shares down by more than 4 percent.

The company shipped some 47 million iPhones, lower than the roughly 50 million the Wall Street had predicted.

Meanwhile, sales of the iPad came in at nearly 33 million. The disappointing numbers raise more questions about what Apple has in its product pipeline, and what it can do to attract new sales and maintain growth.